Spectrum Postpones Asset Sale

Spectrum Brands, Inc. announced that it is postponing its previously announced strategic asset sale process due to recent challenging conditions in the credit markets.

Spectrum Brands Chief Executive Officer Kent Hussey said, “We are still committed to reducing outstanding indebtedness and leverage through the sale of assets. We believe that postponing the auction process until such time as the credit markets improve will allow us to achieve a full and fair valuation of these assets.”

On Oct.1, Spectrum Brands put in place a $225 million asset-based revolving credit facility. The company reiterated that this facility, which was undrawn at Sept. 30, provides sufficient liquidity to operate its business on an ongoing basis.