Photo courtesy Latham International

Latham International, a manufacturer of inground swimming pool kits, cites unprecedented recessionary trends and reductions in product demand for its U.S. Chapter 11 filing.

Latham International, in Latham, N.Y., has reached an agreement with its senior secured lenders on terms of a restructuring plan to reduce the company's long-term debt, while its subsidiaries north of the border remain unaffected.

The reorganization plan, along with Chapter 11 petitions incorporating the terms of the debt restructuring agreement, were filed on Dec. 22, 2009. They are subject to approval by a Delaware bankruptcy court, which is expected to occur later this month.

"The process is moving forward on its expected time frame as requested in the filing, and we expect the restructuring process to be completed within our 30- to 60-day plan," Mark Laven, the company's chief executive officer, told PSM Online.

Latham and all of its subsidiaries will continue to operate their businesses without interruption throughout the course of the Chapter 11 proceedings.

"Operations in Canada are moving forward as planned before this took place," says Laven. "Staffing and plans, such as upgrading IT systems and building inventory, have not been affected by what is happening in the U.S.

"Business was down in Canada, like the rest of the market, however, we are very optimistic about Canadian business and are looking forward to growth in this market in 2010."