Exide obtains court approval for disclosure statement

By Carlise Newman

Chicago, Sept. 3 - Exide Technologies said it has received court approval from the U.S. Bankruptcy Court for the District of Delaware for its disclosure statement, and will begin soliciting approval of its amended plan of reorganization.

Exide's plan includes a debt-for-equity exchange and the cancellation of all existing common stock. A hearing to confirm the plan is scheduled to begin on Oct. 21.

"Today's court approval is another important milestone toward completing our reorganization. Our plan provides for a significantly improved capital structure that will enable Exide to maintain a strong competitive position in the industry," said Craig Muhlhauser, chairman of the Princeton, N.J.-based battery manufacturer, in a news release.

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