Spectrum Brands eyes August bankruptcy exit; confirmation stay lifted

By Caroline Salls

Pittsburgh, Aug. 26 - Spectrum Brands, Inc. said the Fifth Circuit Court of Appeals has lifted a temporary stay of the order confirming the company's plan of reorganization, clearing the way for the company to exit Chapter 11 bankruptcy by the end of August, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

As previously reported, the plan was confirmed on July 15 by the U.S. Bankruptcy Court for the Western District of Texas, but Spectrum's official committee of equity security holders appealed the confirmation order and requested a stay.

The U.S. District Court for the Western District of Texas denied the stay motion, but the appeals court granted a temporary stay of the proceedings on July 27.

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, 2009. Its Chapter 11 case number is 09-50455.

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