Exide Technologies announced that it has filed its plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware. The plan and disclosure statement are consistent with the terms of the plan support agreement (PSA) and related plan term sheet into which the company previously entered on November 4, 2014 with holders of a majority of the principal amount of Exide’s senior secured notes.

There is substantial support among the supporting noteholders for entry into a definitive backstop agreement for the $175 million in new capital contemplated under the Plan, and the Company continues to negotiate the terms of that agreement. Exide also intends to file a motion to seek approval from the Bankruptcy Court regarding the adequacy of information in its disclosure statement during the upcoming weeks so that it may seek confirmation of the Plan consistent with the milestones under the DIP Credit Facility. The company’s goal is to emerge from Chapter 11 restructuring of its U.S. operations by March 31, 2015.

Exide Technologies is a producer and recycler of lead-acid batteries.

Previously on abfjournal: Exide Receives Lender Approval to Extend DIP Maturity Date, October 10, 2014