Exide Receives Lender Approval to Extend DIP Maturity Date
Exide Technologies announced it received all necessary approvals from its lenders, thereby extending its debtor-in-possession credit facility’s maturity date to March 31, 2015, subject to the terms and conditions thereof. The extension provides Exide and its noteholders additional time to complete negotiations regarding a Plan of Reorganization that would allow the company to emerge from Chapter 11 substantially in its current form – operating across all business segments. Exide is working toward a proposal that would pay or re-finance the existing DIP facility and provide additional capital to fund its reorganization.
“The approval of the DIP amendment is a positive step forward for Exide as we continue pursuing a Plan of Reorganization and negotiations with our noteholders,” said Robert M. Caruso, president and chief executive officer of Exide Technologies. “We appreciate the confidence of all of our stakeholders and thank our customers, suppliers and employees for their continued loyalty as we focus on our exit from Chapter 11.”
Approval of other elements of the amendment will be considered by the bankruptcy court at an October 31 hearing.
Exide Technologies is a producer and recycler of lead-acid batteries.
Previously on abfjournal: Exide Seeks Lender Approval to Extend DIP Financing, October 2, 2014