American Safety Razor Enters Ch. 11, Eyes Asset Sale

Law360, New York (July 28, 2010, 4:55 PM EDT) -- American Safety Razor Co. LLC filed for Chapter 11 bankruptcy protection Wednesday, with a deal in place for its first-lien holders to serve as the stalking horse bidder in the sale of the bulk of the company's assets.

ASR, the fourth-largest manufacturer and distributor of wet shaving razors and blades, filed a voluntary petition in the U.S. Bankruptcy Court for the District of Delaware, claiming more than $100 million in assets and liabilities between $500 million and $1 billion.

The largest unsecured creditors include JPMorgan Chase...
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