American Safety Razor assets sale order enforced by bankruptcy court

By Jennifer Lanning Drey

Savannah, Ga., March 10 - The U.S. Bankruptcy Court for the District of Delaware enforced its order authorizing the sale of American Safety Razor Co., LLC's assets to Energizer Holding, Inc., according to a Thursday filing.

According to the filing, all funds placed in escrow under the Merrill Lynch reserve letter will be released to Cantor Fitzgerald Securities as the collateral agent under the second-lien credit agreement to be distributed under the terms of the agreement.

American Safety received court approval on Oct. 8 of the $301 million sale of substantially all of its estate assets to Energizer Holdings.

American Safety Razor, a Cedar Knolls, N.J.-based producer of shaving, medical and industrial blades, filed for bankruptcy on July 28, 2010. The Chapter 11 case number is 10-12351.

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