Spectrum Brands Inc., the best known maker of Rayovac batteries and Remington shavers on Tuesday filed for Chapter 11 bankruptcy protection under a heavy debt load.

According to the filing, The Company had total assets of $10.07 billion, liabilities of $4.45 billion and long-term debt of $2.6 billion, a spokesman said.

The filing, made in U.S. Bankruptcy Court in San Antonio, Western District of Texas, after its stock was delisted by the New York Stock Exchange, dropping 64 percent to 1.6 cents on Tuesday afternoon, but does not affect its operations outside the U.S.

The company said it plans to reduce the amount of debt on its balance sheet by a third, or approximately $840 million as part of its restructuring, and expected in November 2009 to be challenging and was taking steps to reduce its costs.