Exide Technologies announced that its plan of reorganization became effective and that the company has emerged from Chapter 11 as a newly reorganized company.

The company said it has reduced its debt by approximately $600 million; received approximately $165 million through its rights offering; and closed on its $200 million exit financing arranged by Bank of America, PNC Capital Markets and BMO Capital Markets to fund its working capital needs.

Exide has emerged from Chapter 11 as a privately held company, substantially in its current form – operating across all industrial energy and transportation business segments globally.

“The consummation of our Plan starts a new chapter in the 127-year history of the company, and today, Exide Technologies is fully charged, better capitalized and positioned for growth. 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,” said Robert M. Caruso, Exide’s President and Chief Executive Officer. “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. In addition, I acknowledge the hard work and professionalism of our advisors, financial stakeholders, creditors and all of the parties involved in negotiating our Plan.”

Caruso will continue to serve as president and chief executive officer of Exide Technologies on an interim basis until a new CEO is appointed.