Spectrum Brands Ch. 11 Plan Wins Court Approval

Law360, New York (June 25, 2009, 12:00 AM EDT) -- A bankruptcy judge has approved consumer products maker Spectrum Brands Inc.'s plan of reorganization, clearing the company to emerge from bankruptcy later this summer with a significantly reduced debt load.

Judge Ronald B. King, of the U.S. Bankruptcy Court for the Western District of Texas, approved the plan at a hearing, Spectrum said Thursday. The newly approved plan reflects a deal the company reached earlier this week with its senior term lenders to modify its debt.

The plan will eliminate $840 million in subordinated debt and...
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