Upon emergence from Chapter 11, Sunbeam Corp. said it will change its name to American Household Inc.
Sunbeam said it expects to close the transactions under its now-approved plans of reorganization and emerge from Chapter 11 as soon as possible.
The principal equity holders will be Morgan Stanley, Wachovia and Bank of America. Oaktree Capital will also hold equity in the newly organized company. The company will continue to be operated through three separate subsidiaries, each owned by American Household: Sunbeam Products Inc.; The Coleman Co. Inc.; and First Alert/Powermate Inc.
Jerry Levin, the current Sunbeam chairman, will serve as chairman of each subsidiary with Andy Hill as president and chief executive officer of Sunbeam Products, Bill Phillips as president and CEO of The Coleman Co. Inc., and Gwen Wisler as president and CEO of First Alert/Powermate Inc.
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