Spectrum Brands Settles With Senior Lenders

Law360, New York (April 23, 2009, 12:00 AM EDT) -- Clearing a potential obstacle to Chapter 11 reorganization efforts, a bankruptcy judge has approved a settlement between Rayovac batteries and Remington razor maker Spectrum Brands Inc. and its senior term lenders that establishes special protections for the creditors.

On Wednesday, diversified home products maker Spectrum reported in a filing with the U.S. Securities and Exchange Commission that a judge in U.S. Bankruptcy Court for the Western District of Texas had approved the settlement “to provide certain adequate protection payments to senior term lenders.”

Earlier in April,...
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