Exide wins second exclusivity extension to allow business plan review

By Caroline Salls

Pittsburgh, July 1 – Exide Technologies, Inc. obtained a second extension of its exclusive plan of reorganization filing and solicitation periods, according to a Tuesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period was extended through July 31 from May 31 and its solicitation period through Sept. 30 from July 24.

Exide said it 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.

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.”

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.

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