Leslie's Inc. enters Chapter 11 bankruptcy with $315M DIP financing

Leslie's filed voluntary Chapter 11 petitions on September 30, 2026, with a pre-arranged reorganization plan supported by term loan lenders. The company secured $315 million in DIP financing ($90 million term loan and $225 million ABL revolver) as of October 2, 2026, with $45 million in interim term loans already drawn. Bankruptcy and DIP facility terms typically indicate the company cannot service existing debt from operations and existing equity is at severe risk in a reorganization outcome.

Leslie's, a pool supply company, filed for bankruptcy with a pre-negotiated plan to reorganize. It borrowed $315 million to stay operating during the process, but equity holders usually face substantial dilution or elimination in such restructurings.