UPDATE 1-Panolam files pre-packaged bankruptcy

* Total assets of $401.6 mln

* Lists total debt of $447.5 mln

Nov 4 (Reuters) - Panolam Holdings Co, a maker of decorative and industrial laminates, filed for Chapter 11 bankruptcy in a Delaware court under a pre-arranged plan that would cut its debt by $151 million, court filings showed.

The Shelton, Connecticut, company, which operates six plants across the United States and one in Canada, said it had been hurt by the slowdown in commercial and residential construction activity.

Panolam said it had total assets of $401.6 million and debt of $447.5 million, according to documents filed with the U.S. bankruptcy court in Wilmington, Delaware.

The reorganization plan has been approved by a majority of the company's lenders, and was also filed with the court. It said in September, when it first announced that it would restructure, that it expected to have the plan confirmed by year-end.

The case is In re: Panolam Holdings Co, U.S. Bankruptcy Court, District of Delaware, No. 09-13889. (Reporting by Santosh Nadgir in Bangalore, editing by Gerald E. McCormick)