Exide Technologies says it has exited Chapter 11 as a newly reorganised company, following confirmation of the plan from the Bankruptcy Court for the District of Delaware earlier this year.
The company noted it had now reduced its debt by around US$600m, received approximately US$165m through its rights offering and closed on its US$200m exit financing arranged by Bank of America, PNC Capital Markets and BMO Capital Markets to fund its working capital needs.
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“The consummation of our Plan starts a new chapter in the 127-year history of the company and today, Exide Technologies is better capitalised and positioned for growth,” said Exide president and CEO, Robert Caruso.
“With an extensive financial and ongoing operational restructuring, we have a solid foundation to implement our business plan and continue manufacturing and marketing our premier lines of stored electrical energy products and services for our customers around the world.
“I’m extremely proud of the outstanding work carried out by our employees and I’m grateful for the support of our customers and suppliers during our Chapter 11 restructuring process.”
Caruso will continue to serve as president and CEO on an interim basis until a new CEO is appointed.
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