October 8, 2010 / 10:16 PM / 9 years ago

UPDATE 1-Energizer wins American Safety Razor auction

* 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 (Reuters) - 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 Wilkinson Sword.

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)

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