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Exide Technologies Files Voluntary Chapter 11 Petition to Restructure U.S. Operations and Strengthen Balance Sheet


Monday, 10 Jun 2013 01:34am EDT 

Exide Technologies announced that it has filed a voluntary petition for reorganization pursuant to U.S. federal restructuring laws in order to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and its business to position the Company for future success. The petition was filed in the District of Delaware. Only Exide Technologies' United States' operations, including the GNB Industrial Division, are included in the filing. Exide Technologies' international operations are excluded from the filing. The Company plans to continue to operate globally without interruption during the reorganization. Exide has negotiated a $500 million debtor-in-possession (DIP) financing facility to be provided by a group of financial institutions and investors in connection with the filing. Once approved by the Court, this financing will enhance the Company's global liquidity position with approximately $300 million in new capital, in order to allow it to pursue its restructuring goals. The proceeds of the DIP financing together with cash generated from daily operations and cash on hand will be used to fund post-petition operating expenses. Exide's global management team will continue to manage both the U.S. and global businesses. 

Company Quote

0.1803
-0.0184 -9.26%
25 Aug 2014