UPDATE 1-Spectrum lines up $242 million for bankruptcy exit
NEW YORK, June 16 (Reuters) - Spectrum Brands Inc SPCB.PK said on Tuesday that it has lined up as much as $242 million in financing to fund its bankruptcy exit.
Spectrum, the maker of Rayovac batteries, Remington shavers and Tetra fish food, said the funding would be provided by General Electric Capital Corp (GEA.N) and replace its current $235 million debtor-in-posession financing facility.
Spectrum has said it expects to emerge from bankruptcy protection by late summer, assuming its proposed reorganization plan is approved by the bankruptcy court.
The company's U.S. operations filed for bankruptcy protection in February, saying they had reached a restructuring agreement with noteholders representing about 70 percent of the company's outstanding bonds.
A court hearing taking place in Texas on the company's reorganization plan is scheduled to continue into next week.
The case is In re: Spectrum Jungle Labs Corp, U.S. Bankruptcy Court, Western District of Texas, No. 09-50455. (Reporting by Emily Chasan, editing by Dave Zimmerman)
