Exide wins seven-month exclusivity extensions to devise business plan

By Jim Witters

Wilmington, Del., Oct. 15 - Exide Technologies Inc. was granted a seven-month extension of its exclusive periods for filing a Chapter 11 plan and for soliciting votes, according to an Oct. 15 filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period for filing a Chapter 11 plan is extended through May 31 from Oct. 8. The deadline for soliciting plan votes is extended through July 24 from Dec. 7.

In requesting the extensions, Exide said it needs the additional time "to continue to build upon the initial progress made in the first months of the case and, most importantly, focus its resources on the task at hand - development of a comprehensive business plan that will be the platform for a Chapter 11 plan - without the distraction of 'half-baked' competing plans."

Exide's debtor-in-possession financing facility requires that Exide deliver a comprehensive business plan by March 10, file a Chapter 11 plan by May 31 and solicit votes by July 24.

Exide Technologies, a Milton, Ga.-based maker and recycler of lead-acid batteries, filed for bankruptcy on June 10. Its Chapter 11 case number is 13-11482.

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