Lenders block sale of Spectrum pond brands

Spectrum Brands won't be selling its global pet supply business, which includes its Tetra and Jungle pond products. A deal to sell the division to Salton Inc. for $692.5 million in cash and almost $220 million in debt securities was rejected by lenders, the Atlanta Journal-Constitution reported. Salton is best known for its George Foreman grills and Toastmaster and Farberware appliances. Spectrum planned to use proceeds from the sale to reduce the company's debt load. No word yet if Spectrum will pursue other alternatives.