* Gets court OK to solicit votes for reorganization plan

* Says plan would cut balance sheet debt by $840 mln

April 15 (Reuters) - Spectrum Brands SPCB.PK, maker of Rayovac batteries and Remington shavers, said on Wednesday it has received approval from a U.S. bankruptcy court to solicit votes from lenders for its reorganization plan, adding that it expects to emerge from Chapter 11 protection by late summer.

Spectrum said if approved and implemented, the plan would cut its balance sheet debt by about $840 million.

The company will be soliciting votes from its senior term lenders as well as its noteholders, but said it has not yet determined whether the vote of its senior term lenders will be required for approval of the plan.

Spectrum Brands and its U.S. subsidiaries filed for bankruptcy in February, saying it had reached a refinancing deal with its noteholders.

"If the company's plan of reorganization is confirmed as proposed, existing common stock will be extinguished under the plan, and no distributions will be made to holders of the company's current equity," the company said in a statement.

Spectrum said it believes it will be able to receive commitments for exit financing within the current proposed timetable for emergence.

The case is In re: Spectrum Brands, U.S. Bankruptcy Court, Western District of Texas, San Antonio Division, No.09-50455. (Reporting by Santosh Nadgir in Bangalore; Editing by Deepak Kannan)