Carlyle-Owned Zodiac Pool Seeks U.S. Bankruptcy Protection

Zodiac Pool Solutions SAS, the Paris-based swimming pool and spa manufacturer, filed Thursday for bankruptcy protection in the U.S. as part of its debt-restructuring effort now under way in the U.K., The Wall Street Journal reported. Formerly known as Zodiac Marine & Pool, Zodiac Pool filed for protection under Chapter 15—the section of the Bankruptcy Code that deals with international insolvencies—in U.S. Bankruptcy Court in Wilmington, Del. In 2007, Washington-based private-equity firm Carlyle Group CG -3.83% LP bought Zodiac and then merged its WaterPik business into the company. Carlyle later split off Zodiac's aerospace division form the pool maker. The company, which has more than $1.3 billion in debt, ran into financial trouble in 2008 and has been closing facilities and selling assets, including it WaterPik and boat businesses, to stay afloat. But those efforts haven't been enough to refinance a big chunk of debt coming due in the next 14 months. Zodiac is seeking to extend the maturity of some of that debt to 2019 through a restructuring that is being conducted through a U.K. process called a "scheme of arrangement," which is somewhat akin to Chapter 11 reorganization in the U.S. Read more. (Subscription required.)