Spectrum Brands May Exit Chapter 11 this Summer Apr 22, 2009

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Spectrum Brands, maker of Remington Shavers, has U.S. bankruptcy court approval to solicit votes from lenders for its reorganization plan, and the company expects to emerge from Chapter 11 protection by late summer. Spectrum said if approved and implemented, the plan would cut its balance sheet debt by about US$840 million.

Spectrum Brands and its U.S. subsidiaries filed for bankruptcy in February, saying it had reached a refinancing deal with its noteholders. "If the company's plan of reorganization is confirmed as proposed, existing common stock will be extinguished under the plan, and no distributions will be made to holders of the company's current equity," the company said in a statement.

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