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American Safety Razor Files Chapter 11, Plans Sale to Lenders
Posted July 28, 2010
2:19PM PST
American Safety Razor Co., a Cedar Knolls, N.J., manufacturer of wet shaving razors and blades, filed for Chapter 11 bankruptcy after reaching an agreement with its first lien lenders to purchase the company.
The first lien lenders will serve as the stalking horse bidder under a Section 363 sale, American Safety Razor said in a statement. The final transaction will be subject to bankruptcy court approval and is expected to be completed in the fourth quarter.
The company said it has $30 million in cash reserves and has secured an additional $25 million in debtor-in-possession financing to provide working capital during restructuring.
Source: Press Release
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