Exide gets support of most creditor classes for reorganization plan

New York, April 16 - Exide Technologies Inc.'s plan of reorganization won the support of most classes of creditors voting.

The exception was class P4-A, which backed the proposed restructuring by number but not by dollar amount.

Voting was as follows, according to a document filed with the U.S. Bankruptcy Court for the District of Delaware on April 15:

* Pre-petition credit facility claims in class P3/S3 voted 100% by number and dollar amount to accept the plan. All chose option A.

* General unsecured claims in class P4 as a whole backed the plan 86.21% to 13.79% by number and 79.17% to 20.83% by dollar amount.

* Non-noteholder general unsecured claims in class P4-A voted in favor 88.69% to 11.31% by number but opposed the plan 53.61% to 46.39% by dollar amount.

* 10% senior note holder general unsecured claims in class P4-B voted in favor 66.80% to 33.20% by number and 93.26% to 6.74% by dollar amount.

* 2.9% convertible note holder general unsecured claims in class P4-C voted in favor 92.59% to 7.41% by number and 99.29% to 0.71% by dollar amount.

The hearing to confirm the plan was set for April 16.

Exide's Chapter 11 case number is 02-11125.

© 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.