Latham International enters $30 million exit loan commitment letter

By Caroline Salls

Pittsburgh, Jan. 4 - Latham International, Inc. has entered into a commitment letter with Bank of America, NA under which the bank has committed to provide an up to $30 million asset-based revolving credit exit facility, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company is seeking court approval to pay an expense deposit and expense reimbursement to the proposed exit financing lender.

In order to proceed with finalizing the ABL facility and completing its due diligence, Latham said the bank requires payment of a $75,000 expense deposit due upon court approval of this motion, plus payment on demand for up to $175,000 of future out-of-pocket fees and expenses.

Latham, a Latham, N.Y., manufacturer of in-ground swimming pool components and pool accessories, filed for bankruptcy on Dec. 22. The Chapter 11 case number is 09-14490.

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