Battery maker Exide Technologies yesterday filed for US Chapter 11 bankruptcy protection, blaming a heavy debt load from its acquisitions and price competition in the vehicle supply market, the Financial Times reported.

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The FT said that Exide had tried to survive federal bribery charges and a guilty plea bargain but said debt and integration costs from mergers had overwhelmed it. Exide has been in violation of bank financing covenants since last Friday and had a $US15 million bond payment due on Monday, the paper added.


The FT said that Exide has total debts of $2.52 billion against assets of $2.07 billion for all its units but noted that he bankruptcy filing only applies to the holding company and its US operations, and not those overseas.

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