On June 25, 2009, Spectrum Brands, parent company of Remington and Rayovac brands, announced that it would be taking the final steps toward emerging from Chapter 11 bankruptcy. The process began in February after the company negotiated a plan with its lenders and bondholders to rid itself of about $840 million in subordinated debt. The plan initially had the approval of about 70% of Spectrum's bondholders, and the company eventually gathered additional approval.
According to Carey Phelps, division VP ...