* Energizer bid $301 million cash for bankrupt rival
* American Safety had refused to recognize Energizer's bid
* Judge ruled that Energizer was qualified
SAN FRANCISCO, Oct 8 Energizer Holdings Inc
(ENR.N) announced on Friday it was the winning bidder for
American Safety Razor, powering through a bankruptcy court
auction with a $301 million cash offer.
Energizer also agreed to assume certain liabilities, the
company said in a statement.
Privately held American Safety Razor filed for bankruptcy
in July. In addition to razor brands such as Matrix3, M5Magnum,
Solara and Mystique, the company makes single-edged blades used
in utility knives and surgical tools.
Energizer is the parent company of razor maker Schick
American Safety Razor's restructuring proposal had involved
selling off the company to its first-lien lenders, led by UBS
AG (UBS.N), for an undisclosed amount. The company had refused
to recognize Energizer as a qualified bidder, arguing that it
would not be able to consummate a deal.
But U.S. Bankruptcy Court Judge Mary Walrath in Delaware
allowed Energizer into the auction this week. [ID:nSGE6960JR]
The case is In re: American Safety Razor Co LLC, U.S.
Bankruptcy Court, District of Delaware, No. 10-12351.
(Reporting by Dan Levine, editing by Matthew Lewis)