In a preceding paper we put forward the hypothesis that the single-bubble sonoluminescence (SBSL) is caused by strong electric fields arising near the surface of a collapsing gas bubble on account of the flexoelectric effect in water. Here we argue that these fields can indeed provoke a multiple electric breakdown in water, in a micron-size region near the surface of the collapsing gas bubble, and show that the main numerical characteristics of the SBSL can be naturally explained within this mechanism. The SBSL spectra are determined by radiative transitions between high-energy levels of noble-gas atoms excited by hot electrons produced by the strong flexoelectric field in “cold” water.