The U.S. Bankruptcy Court for the District of Delaware approved the first day motions of Exide Technologies, including interim approval of $40 million of debtor-in-possession financing.
Ankura is serving as financial advisor, Houlihan Lokey is serving as investment banker and Weil, Gotshal & Manges is serving as legal counsel to Exide Technologies, which filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code.
Exide Technologies said it has emerged from Chapter 11 as a newly reorganized company. Bank of America, PNC Capital Markets and BMO Capital Markets were said to have arranged $200 million in exit financing.
Exide Technologies announced that it has filed its plan of reorganization and disclosure statement in Delaware. The company’s goal is to emerge from Chapter 11 by March 2015.
Exide Technologies 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.
Exide is seeking approval from its lenders for an extension of its DIP credit facility’s maturity date to March 31, 2015.
Exide Technologies DIP lenders approved two amendments to the company’s debtor-in-possession financing facilities. According to the 8-K filing, JPMorgan Chase Bank is serving as DIP agent.
Exide Technologies announced it received a non-binding proposal for a plan of reorganization from the Unofficial Committee of Senior Secured Noteholders.
Exide Technologies announced that it has received approval of an amendment to its debtor-in-possession credit agreement. JPMorgan acted as agent in the agreement.
Exide Technologies announced recent shifts in leadership. Upon president and CEO James R. Bolch’s resignation, Alvarez & Marsal’s Robert M. Caruso, Exide CRO, will succeed Bolch. A&M’s Ed Mosley was appointed Exide’s new CRO.