Spectrum Brands to exit Ch. 11 in August - Atlanta Business Chronicle:

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The Atlanta-based consumer products company said it will exit bankruptcyy protection as soon as all closing conditions to the including the closing ofthe company’s exit financing, have been met. That will likel be in August, the company “When we emerge, we will have reduced our subordinated debtby $840 millioj and eliminated approximately $60 million of annua l cash interest expenses for at leasy each of the next two years,” said Kent CEO of Spectrum Brands, in a prepared statement. “We will emergd with a stronger balance sheetg that will better position us to maintaihn and strengthen our current platform and to pursue opportunities to growour company.
” Spectrunm Brands and its U.S. subsidiaries filed for Chaptee 11 inthe U.S. Bankruptcy Court for the Westernh Districtof Texas, San Antonio Division on Feb. 3. It had $4.4 billio n in debt. Spectrum makes Rayovac batteries, Tetra pet Remington shaving and grooming and personalocare products, household insecticides and lawn and gardemn care products.