$4B In Debt, Spectrum Brands Files For Ch. 11

Law360, New York (February 3, 2009, 12:00 AM EST) -- Global consumer products company Spectrum Brands Inc. filed for Chapter 11 bankruptcy protection Tuesday, saying it had already entered into a restructuring deal with noteholders representing approximately 70 percent of the value of its outstanding bonds to reduce the company's $4.4 billion outstanding debt.

The Atlanta-based Spectrum Brands and 13 U.S. subsidiaries filed their voluntary petitions in the U.S. Bankruptcy Court for the Western District of Texas after failing to make a $25.8 million interest payment on senior subordinated notes in the outstanding amount of $700...
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