It was confirmed on June 3, 2010 that ECOsmarte will emerge from CH. 11 bankruptcy one year after filing for court protection from a lost profits binding arbitration award in 2008.
The order was signed by Minnesota bankruptcy judge Robert Kressel based on a plan that pays out all creditors by July 18, 2010. ECOsmarte CEO Larry Couture indicated the CH. 11 process itself was largely responsible for the successful reorganization.
“ECOsmarte itself became a company focused on financial objectives quarterly as opposed to a business preoccupied with eliminating chlorine and chloride discharges,” said Couture.
During reorganization sales of its non-chemical pool system have recovered to 90% of the record June 2008 levels and sales on non-salt whole house purifiers have ris
en to new record levels as a result of a few key water treatment dealers and rising consumer awareness of health and environmental water issues, according to Couture.
“Our core business, people and balance sheet have never been stronger and I want to thank the dozens of customers that purchased whole house water systems and the dealers that nearly unanimously stuck with us during this last year,” said Couture.
