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Spectrum Brands granted interim approval of stock trading restrictions
By Caroline Salls
Pittsburgh, Feb. 9 - Spectrum Brands, Inc. received interim court approval to require substantial stockholders to provide notice of their holdings and restrict stock sales or trading, according to an 8-K filed Monday with the Securities and Exchange Commission.
The final hearing is scheduled for March 4.
Under the common stock notice and transfer requirements, each substantial shareholder must provide the company, its counsel and the bankruptcy court advance notice of its intent to buy or sell common stock. The company would then have 20 calendar days to file any objections to the transfer in question.
If the company does object, the transfer would be subject to court approval.
According to the 8-K, a substantial shareholder is defined as anyone owning at least 2.51 million shares of the company's common stock, representing 4.75% of all issued and outstanding shares as of Feb. 5.
Substantial shareholders are required to notify the company and counsel with their status by March 3 or 10 days after becoming a substantial shareholder.
The company said the trading restrictions will help it identify and restrict potential trades of common stock that could negatively impact its ability to preserve net operating losses for tax purposes.
Spectrum Brands is an Atlanta-based consumer products company and supplier of batteries, lawn and garden products, pet supplies, shaving and grooming products, household insect control products, personal care products and portable lighting.
The company filed for bankruptcy on Feb. 3 in the U.S. Bankruptcy Court for the Western District of Texas. Its Chapter 11 case number is 09-50455.
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