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Spectrum Brands Files for Bankruptcy
Maker of all things commodity (Rayovac batteries, Remington grooming products and manure) just filed for bankruptcy protection (Western District of Texas, 09-50456). As part of the filing, the company announced it had reached an agreement with holders of 70% of its substantial $2.6 billion in outstanding debt to perform a debt-for-debt and equity exchange (here for the full release). Existing stockholders are out of luck as the current outstanding shares will be liquidated under the plan.
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