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Exide Technologies plan gets court confirmation
By Jeff Pines
Washington, April 21 - Exide Technologies, Inc.'s reorganization plan received court confirmation, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.
The reorganization plan calls for unsecured creditors to get a 10% stake along with warrants to buy a 20% stake, subject to dilution, in the reorganized company.
Pre-petition lenders will get 90% of the equity of the reorganized company, according to the proposed plan.
Exide, a Princeton, N.J.-based battery maker, filed for bankruptcy protection on April 15, 2002. The Chapter 11 case number is 02-11125.
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