Spectrum Brands to exit Chapter 11
Sandy Springs-based Spectrum Brands Inc. won approval for its reorganization plan June 24 from the U.S. Bankruptcy Court in Texas and expects to be out of Chapter 11 in August.
The consumer products company, which has its headquarters in the Six Concourse Parkway building, said it will exit bankruptcy protection as soon as all closing conditions to the plan, including the closing of the company’s exit financing, have been met.
“When we emerge, we will have reduced our subordinated debt by $840 million and eliminated approximately $60 million of annual cash interest expenses for at least each of the next two years,” Kent Hussey, the CEO of Spectrum Brands, said in a prepared statement. “We will emerge with a stronger balance sheet that will better position us to maintain and strengthen our current platform and to pursue opportunities to grow.”
Spectrum Brands and its U.S. subsidiaries filed for Chapter 11 in the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, on Feb. 3. Spectrum had $4.4 billion in debt.
Spectrum makes Rayovac batteries, Tetra pet supplies, Remington shaving and grooming and personal care products, household insecticides, and lawn and garden care products.
AIU consolidates at Embassy Row
American InterContinental University is closing its Buckhead campus and consolidating all of its Atlanta-area operations at its main campus at Embassy Row, 6600 Peachtree-Dunwoody Road, Sandy Springs.
The building at 3330 Peachtree Road that until recently housed the Buckhead campus is on the market for sale or lease, and Grubb & Ellis executive vice president Tom Miller has been tapped to market the property.
In better economic times, the midrise AIU site at 3330 Peachtree might be ideal for redevelopment as an office or mixed-use high-rise tower. But there likely will not be any new major office developments in Buckhead for a couple years.
Newell Rubbermaid grows locally
Sandy Springs-based Newell Rubbermaid Inc. has formally moved its Baby & Parenting Essentials GBU division from Exton, Pa., adding 160 positions in Sandy Springs. About 130 are relocations, and the remaining 30 are likely to be filled from the metro Atlanta labor pool, said Newell spokeswoman Connie Bryant.
They are expected to be filled within six to eight months. The Baby & Parenting Essentials division includes the Graco, Aprica and Teutonia brands.