Exide OK’d to enter stalking horse agreement for Americas businesses

By Caroline Salls

Pittsburgh, July 17 – Exide Technologies obtained court approval to enter into a stalking horse stock and asset purchase agreement to sell substantially all of its ongoing Americas business operations to EX Holdings, Inc., a wholly owned subsidiary of Quexco Inc., according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the agreement provides Exide with a binding bid of approximately $170 million in cash, subject to adjustments, along with the assumption of some liabilities related to the acquired assets.

EX Holdings plans to retain all of Exide’s Americas workforce supporting the operations acquired.

The company’s 23 non-operating properties are excluded from the proposed agreement.

Exide said it is collaborating closely with local, state and federal agencies to achieve an orderly sale or transfer of those properties.

Exide Technologies is a Milton, Ga.-based maker and recycler of lead-acid batteries. The company filed bankruptcy on May 19 under Chapter 11 case number 20-11157.

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