Exide files US reorganisation plan

On 17 November, battery manufacturer Exide Technologies filed a plan covering the restructuring of its operations in the USA with the US Bankruptcy Court for the District of Delaware. The plan and accompanying disclosure statement are consistent with the terms of the Plan Support Agreement (“PSA”) and related plan term sheet that the company entered into with the holders of a majority of the principal amount of Exide’s senior secured notes on 4 November; this plan aims to deleverage Exide by more than US$600 million and allow it to emerge from Chapter 11 bankruptcy proceedings in substantially its current form – operating across all existing business segments. Exide’s goal is for its US operations to emerge from Chapter 11 restructuring by 31 March 2015.

Full information can be read within Exide’s plan and disclosure statement.