Spectrum Brands files for bankruptcy
The US consumer products company, Spectrum Brands (Atlanta, Georgia), has filed for reorganisation under Chapter 11 of the US Bankruptcy Code. The company has agreed a refinancing deal to reduce of its debts of some $2,600 million by about a third. It has no plans to make major operating changes to its three business units, which “have been profitable and have generated positive cash flow”, says chief executive officer Kent Hussey. Spectrum Brands’ home and garden pesticide sales amounted to some $300 million out of total sales of $2,700 million in the year ending September 30th 2008.