Exide wins five-month exclusivity extension to continue negotiations

By Kali Hays

New York, Aug. 29 – Exide Technologies, Inc. obtained a third extension of its exclusive plan of reorganization filing and solicitation periods under a Friday order with the U.S. Bankruptcy Court for the District of Delaware.

The company’s exclusive filing period is extended through Dec. 10 from July 31 and its solicitation period through Feb. 10 from Sept. 30.

As previously reported, Exide requested the exclusivity extension to allow maximum flexibility for negotiations with its unofficial committee of senior secured noteholders on a non-binding reorganization plan.

Members of the unofficial committee hold about 66% of the principal amount outstanding of Exide’s senior secured notes, according to the motion.

The company also said that it has engaged its official committee of unsecured creditors in the plan formulation process and that the committee is evaluating the latest plan proposal.

Aside from committee negotiations, Exide said it has also begun marketing its required exit financing and is in talks with eight potential investors and lenders.

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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