Spectrum Brands to exit Ch. 11 in August - San Francisco Business Times:

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The Atlanta-based consumer productz company said it will exit bankruptcy protection as soon as all closinbg conditions tothe plan, including the closin of the company’s exit financing, have been met. That will likelg be in August, the companyg said. “When we emerge, we will have reducefd our subordinated debtby $840 millionm and eliminated approximately $60 millio of annual cash interest expenses for at least each of the next two years,” said Kent CEO of Spectrum Brands, in a prepare d statement. “We will emerge with a strongetr balance sheet that will bettedr position us to maintain and strengthen our current platfor m and to pursue opportunities to growour company.
” Spectrumn Brands and its U.S. subsidiariees filed for Chapter 11 inthe U.S. Bankruptcy Courg for the Western Districrtof Texas, San Antonio Division on Feb. 3. It had $4.4 billionb in debt. Spectrum makews Rayovac batteries, Tetra pet supplies, Remington shavingf and grooming and personalcare products, householdd insecticides and lawn and garden care products.