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After providing several hundred billion in second liens and other subordinated tranches to some of the worst companies in existence over the past 5 years, a result of a complete lack of investing discipline which nearly brought parent General Electic (NYSE:GE) down, GE Capital Corp. is back in the game, and this time it plans to win it. Bankrupt commodity product rollup extraordinaire Spectrum Brands (SPC) (provider of such deflation worthless products as Remington shavers and Rayovac batteries) announced it has secured a $242 million exit financing as part of its emergence into a "normal" company, with none other than perma-glutton for punishment, GE Capital.

The company went bankrupt after several Goldman led refies in 2007 straddled it with over $4 billion in debt. One can bet that Goldman syndicated any exposure faster than you can say Lllloyd: Zero Hedge would not be surprised if it was GE Capital itself that ended up being on the receiving end of the soon to be worthless paper.

But you gotta put capital to use: and those GECC principals are just so familiar with the whole zinc forward curve, and lawn manure comps that it would be a waste not to capitalize on that extensive experience. We give GE about a year before it manages to again somehow be underwater this particular investment.

Source: GE Capital Back in the Game (to Win)