Exide gets order shortening time for disclosure hearing to March 11

By Jeff Pines

Washington, March 5 - Exide Technologies, Inc.'s request to move up the hearing date for its disclosure statement was approved, according to an order from the judge dated March 4.

Exide noted the affected parties received copies of the disclosure statement and reorganization plan on Feb. 27 and the solicitation motion on March 1.

In addition, it said the only major difference between this plan and the earlier version is that unsecured creditors will be offered common stock. The plan calls for unsecured creditors to get a 10% stake along with warrants to buy a 20% stake, subject to dilution, in the reorganized battery maker.

Pre-petition lenders will get 90% of the equity of the reorganized company, according to the proposed plan.

Exide, based in Princeton, N.J., filed for bankruptcy with the bankruptcy court for the district of Delaware on April 15, 2002. Its Chapter 11 case number is 02-11125.

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