Exide seeks exclusivity extension to allow review of new business plan

By Kali Hays

New York, May 14 - Exide Technologies, Inc. asked the court to allow a second extension of its exclusive plan of reorganization filing and solicitation periods, according to a Tuesday motion with the U.S. Bankruptcy court for the District of Delaware.

The company asked that its exclusive filing period be extended through July 31 from May 31 and its solicitation period through Sept. 30 from July 24.

The company requested the extension because it believes "key constituents may need additional time to evaluate the updated business plan" that was finalized and distributed May 12, according to the motion.

Exide also said it has initiated discussions with its debtor-in-possession lenders, its unofficial committee of senior secured noteholders and official committee of unsecured creditors to "develop a path forward" and that the extension will allow the company to "promote stability and complete the process that was set in motion at the outset of this case."

A hearing is scheduled for June 2.

Exide Technologies, a Milton, Ga.-based maker and recycler of lead-acid batteries, filed for bankruptcy on June 10, 2013. Its Chapter 11 case number is 13-11482.

© 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.