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Court Approves Spectrum Brands'
Disclosure Statement

Parent company of Rayovac to Begin Solicitation of Approval for Plan of Reorganization; Common Stock Will Be Extinguished

Spectrum Brands, Inc. Press Release - 4/15/2009

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Rayovac Sportsman Xtreme LED Lantern

Rayovac Sportsman Xtreme LED Lantern

ATLANTA, Ga. - Spectrum Brands, Inc. (the "Company") announced today that the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, has approved the Disclosure Statement filed in connection with the Company's proposed pre-negotiated Plan of Reorganization and has authorized the Company to begin soliciting approval for its Plan of Reorganization. Pursuant to a decision from the Bankruptcy Court, the Company will be soliciting votes from its senior term lenders as well as its noteholders. It has not yet been determined whether the vote of its senior term lenders will be required for approval of the Plan of Reorganization. This determination will be made at the confirmation hearing at which the Bankruptcy Court will consider approval of the Plan of Reorganization. The confirmation hearing has been scheduled for June 15, 2009.

As previously announced, prior to filing voluntary petitions for reorganization under Chapter 11 for Spectrum Brands and its U.S. subsidiaries on February 3, 2009, the Company had reached agreements with noteholders representing, in the aggregate, approximately 70 percent of the face value of its outstanding bonds to pursue a refinancing that, if approved and implemented as proposed, would enable the Company to reduce the amount of debt on its balance sheet by approximately $840 million (or approximately one-third), eliminate a substantial amount in annual cash interest payments and free up additional cash that could be reinvested in its business to support meaningful revenue and profit growth.

"Approval of the Disclosure Statement by the Court and authorization to begin the solicitation process for approval of our Plan of Reorganization are two important steps toward emerging from Chapter 11, a process which we expect to strengthen the financial position of this company," said Kent Hussey, CEO of Spectrum Brands.

Within the next few weeks, Spectrum will begin mailing notice of the confirmation hearing and will begin the process of soliciting approvals for the Plan of Reorganization. Assuming the requisite approvals are received and the Bankruptcy Court confirms the Plan of Reorganization under the Company's current proposed timetable, Spectrum expects to emerge from Chapter 11 protection by late summer.

Based on preliminary indications of interest, the Company currently believes that it will be able to receive commitments for exit financing within the current proposed timetable for emergence.

If the Company's Plan of Reorganization is confirmed as proposed, existing common stock will be extinguished under the plan, and no distributions will be made to holders of the Company's current equity.

About Spectrum Brands, Inc.

Spectrum Brands is a global consumer products company and a leading supplier of consumer Batteries, specialty pet supplies, shaving and grooming products, household and lawn insect and pest control products, personal care products and portable lighting. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in more than 120 countries around the world. Headquartered in Atlanta, Georgia, Spectrum Brands generated fiscal year 2008 net sales of $2.7 billion.

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