"In a plan negotiated with major noteholders, Spectrum Brands of Atlanta, parent of United Pet Group, and its US subsidiaries on Feb. 3 filed for reorganization under Chapter 11 in the US Bankruptcy Court for the Western District of Texas in San Antonio.

The plan calls for existing common stock to be extinguished, leaving shareholders with nothing.

The plan would also cancel existing bond obligations of 1.05 billion. Those noteholders would receive new bonds equal to 20% of the unpaid principal and interest on existing bonds, plus shares of new common stock.

The plan, if approved, would not affect other creditors. The company expects to meet existing obligations to customers, suppliers, and employees during the reorganization, which it expects to last four to six months. It received commitments for $235 million in debtor-in-possession financing from existing lenders and noteholders.

Spectrum's plan would reduce its overall debt by about 1/3 ($840 million), reduce annual cash interest payments by $95 million for at least the next two years, and free up cash to invest back into its business, the company said.

The company currently has debt of about $2.6 billion.

The company has additional information about the restructuring on its website. (www.spectrumbrands.com) and has set up hot-lines for customers (866-441-2487), suppliers (866-499-7557), and investors (866-338-2415)."

Spectrum Brands äger flera företag bl.a. Aquarium Systems, Marineland och Tetra.

Bland dessa företags produkter hittar vi bl.a. Instant Ocean, Reef Crystals och SeaChem salt, Maxi-Jet powerheads, m.m.

Seachem säger sig dock gå oskadda ur denna konkurs "till skillnad från de övriga Spectrum Brands företagen".

(Info från RC)

Oj. Galet stor skuld...

Får väl hoppas att något gott kommer ur det iaf, det blir många som blir lidande annars. Det blir det ändå, iofs, men jag menar att man kan hoppas på att tex saltet och AS kommer säljas vidare ändå.

Är det någon som vet något mer om detta?