Spectrum files Chapter 11

[dizzy]

You guys hear about Spectrum Brands? It's not clear if this will impact the aquarium branch.

http://www.reuters.com/article/business ... sinessNews

Spectrum Brands files for Chapter 11 protection
Tue Feb 3, 2009 5:21pm EST

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More Business & Investing News... CHICAGO (Reuters) - Spectrum Brands Inc (SPCB.PK) said on Tuesday that it voluntarily filed for Chapter 11 bankruptcy protection and reached agreements with noteholders representing about 70 percent of its outstanding bonds to pursue a refinancing.

Spectrum, whose shares were delisted by the New York Stock Exchange in January, is best known for its Rayovac batteries.

The company said it is operating as usual and has about $2.6 billion in outstanding indebtedness.

Spectrum said the company and its U.S. subsidiaries filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division. Its international operations are legally separate and were not included in the Chapter 11 proceedings.

(Reporting by Jessica Wohl; Editing by Gary Hill)

 

[Anonymous]

What did they make?

 

[dizzy]

http://www.spectrumbrands.com/brands/index.htm

Tetra, Marineland, etc.

 

[Raskal311]

Marineland and Tetra

 

[PeterIMA]

I think the URL listed the various companies controlled/managed through Spectrum. I have been somewhat aware of the changes through a contact with Jungle Laboratories.

First I head that they were bought out by Rayovac.
Next I heard that they were bought out by Spectrum.
More recently they went by the name United Pet Group (over Tetra, Marinland, and Jungle products).

Has United Pet Group been bought out, or are they part of what is now in Chapter 11 (but still operating I assume)?

Peter

 

[JennM]

Marineland includes Instant Ocean also...

Looking around my shop - I have a fair amount of "Spectrum Brands" products... Marineland filters, filter media, salt and other staples.

It's highly unlikely these brands will go away - just wondering what will happen next with them?

Snipped from: http://www.reuters.com/finance/stocks/c ... ol=SPCB.PK

Its aquatics brands are Tetra, Marineland, Whisper, Jungle and Instant Ocean. It also sells a variety of specialty pet products, including dog and cat treats, small animal food and treats, clean up and training aid products, health and grooming aids, and bedding products. The Company’s specialty pet brands include 8in1, Dingo, Firstrax, Nature’s Miracle and Wild Harvest.

Jenn

 

[JennM]

Good question about UPG... need further research.

Because UPG also has Perfecto brand.

Looking at a recent "Blitz" page of specials, it has Marineland, Perfecto, Tetra, Jungle, Whisper, and Instant Ocean.

Jenn

 

[JennM]

Well, colour me confused now.

Despite what it said on that Spectrum info page it appears that UPG was sold to another entity last year:

http://www.bizjournals.com/cincinnati/s ... ily42.html

Spectrum Brands Inc. has agreed to sell Cincinnati's United Pet Group to Salton Inc. for about $693 million in cash.

United Pet Group, with corporate headquarters in Anderson Township, is Spectrum's global pet supply business, producing and marketing brands like Tetra, Marineland, 8in1, Nature's Miracle and Wild Harvest.

Unless this deal did not come to pass, it would appear that Spectrum doesn't own the pet stuff anymore.

Jenn

 

[Anonymous]

I don't think that deal went down Jenn.

 

[JennM]

I got busy with customers (imagine that?!) so I didn't get a chance to google any further, but now I will, because I'm curious as to who owns what now...

Inquiring minds want to know.

Jenn

 

[JennM]

Haven't started reading it yet but there's a press release on UPG's website concerning Spectrum.

http://www.spectrumbrands.com/communication/

About to read it now...

Jenn

 

[swsaltwater]

From what I hear Marineland is the money maker for the company, they loose on the Rayovac and Remmington lines. Spectrum bought Marineland.....

 

[JeremyR]

The deal never went down to sell UPG to the toaster company because they had cooked the books, and when the banks said no spectrum had to pay 2 or 3 million to the toaster people for wasting their time. Spectrum has been in trouble for a couple years and has tried to sell UPG a couple of times.

 

[PeterIMA]

My contact in Jungle confirmed that UPG is still part of Spectrum.

Peter