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Spectrum Brands Receives Court Approval
of its Plan of Reorganization

Rayovac parent company expected to emerge from Chapter 11 bankruptcy in August

Spectrum Brands Press Release - 7/13/2009

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Rayovac LED Lantern

Rayovac LED Lantern

ATLANTA, Ga. - Spectrum Brands announced that the Honorable Judge King of the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, has approved the company's Plan of Reorganization and will enter a confirmation order upon submission. Following entry of the confirmation order, the plan will become effective -- and the company will exit bankruptcy protection -- as soon as all closing conditions to the Plan, including the closing of the company's exit financing, have been met. Spectrum Brands expects to emerge from Chapter 11 in August.

Kent Hussey, Chief Executive Officer of Spectrum Brands, said: "We are pleased that our Plan of Reorganization has been approved by the Court, a key milestone in our financial restructuring process, and one that sets the stage for our exit from bankruptcy in August. When we emerge, we will have reduced our subordinated debt by $840 million and eliminated approximately $60 million of annual cash interest expenses for at least each of the next two years. We will emerge with a stronger balance sheet that will better position us to maintain and strengthen our current platform and to pursue opportunities to grow our company."

On February 3, 2009, Spectrum Brands and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division. The main case number is 09-50455. The Company's non-U.S. operations, which are legally separate, are not included in the Chapter 11 proceedings.

For more information, visit the company's web site at:

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