Spectrum Brands exits bankruptcy protection

Spectrum Brands, the maker of Rayovac batteries and Remington shavers, exited Chapter 11 bankruptcy Friday, the Atlanta company said.

The company said it closed on a $242 million line of credit from a consortium of lenders — chief among them, GE Capital. The Feb. 3 bankruptcy filing allowed the company to reorganize its debts, including the elimination of $840 million of its subordinated debt.

Spectrum shares, which trade over the counter, fell Friday, sliding more than 62 percent to close at just over one penny.

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