Spectrum Brands to Exit Chapter 11 Jul 2, 2009

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Spectrum Brands received approval for its Plan of Reorganization and to exit bankruptcy protection. Spectrum Brands expects to emerge from Chapter 11 in August.

Kent Hussey, CEO of Spectrum Brands, said: "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."

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