Exide Technologies announces $178.6 million bid for Americas assets

By Caroline Salls

Pittsburgh, July 23 – Exide Technologies received two qualified bids for its Americas assets, according to a notice filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, EX Holdings, Inc., a wholly owned subsidiary of Quexco Inc., was approved as the stalking horse bidder with a binding bid of $170 million in cash.

The company said both the stalking horse bid and a $178.6 million offer from Battery BidCo, LLC were deemed to be qualified bids.

The notice said BatteryBidCo’s offer would serve as the baseline bid at the auction scheduled for July 23.

Bids at auction must be made in minimum increments of $1 million.

The sale hearing will be held on Aug. 6.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.