Spectrum Brands Files for Chapter 11

CHICAGO (Reuters) – Spectrum Brands Inc (SPCB.PK) said on Tuesday that it voluntarily filed for Chapter 11 bankruptcy protection and reached agreements with noteholders representing about 70 percent of its outstanding bonds to pursue a refinancing.

Spectrum, whose shares were delisted by the New York Stock Exchange in January, is best known for its Rayovac batteries.

The company said it is operating as usual and has about $2.6 billion in outstanding indebtedness.

Spectrum said the company 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. Its international operations are legally separate and were not included in the Chapter 11 proceedings.

(Reporting by Jessica Wohl; Editing by Gary Hill)

peHUB Note: THL Partners holds a 23% stake in Spectrum Brands, based on its 2005 sale of Rayovac Corp. to Spectrum for $1.2 billion.