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Business

Spectrum Brands exits bankruptcy protection

By Peralte C. Paul
Aug 28, 2009

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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Peralte C. Paul
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