Exide Technologies, (XIDE), a producer and recycler of lead-acid batteries, Monday said it has filed a voluntary petition for reorganization 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. The company's 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 or DIP financing facility in connection with the filing, to be provided by a group of financial institutions and investors. Once approved by the court, this financing will enhance the company's global liquidity position with about $300 million in new capital, 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.
In order to help facilitate the company's financial restructuring, Exide's Board of Directors has named financial restructuring expert Robert Caruso as Chief Restructuring Officer.
The company has filed several customary first day motions seeking, among other things, authority to pay pre-filing wages, salary and benefits and to honor customer programs.
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