SAN ANTONIO (CN) - Spectrum Brands aka Rayovac filed for bankruptcy Tuesday, listing $10.1 billion in assets and $4.4 billion in debt, more than $1 billion of it to U.S. Bank. In addition to Rayovac batteries, Spectrum aka United Industries Corp. aka NuGro US Holdco Corp. also makes Remington razors, Cutter insect repellent and Nature's Miracle pet products.
The company said it has reached agreements with most of its creditors that would reduce its debt by $840 million. Spectrum failed to make a $26 million interest payment this week on 7.375% senior subordinated notes due in 2015, triggering the default, Bloomberg News reported. Spectrum's share price fell 64% on the news, to 1.6 cents (sic) in over-the-counter trading, Bloomberg reported.
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