Exide gets three-week extension of DIP milestones on plan deadlines

By Kali Hays

New York, Jan. 15 – Exide Technologies has entered into an amended debtor-in-possession agreement with its lenders and agent, JPMorgan Chase Bank, NA, extending the milestones related to the company’s plan, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Specifically, the amended agreement extends the deadline for Exide to obtain approval of a disclosure statement to Feb. 9 from Jan. 15 and the deadline for confirmation of a plan of reorganization to March 25 from March 10.

As previously reported, the company’s official committee of unsecured creditors objected to the proposed reorganization plan on Jan. 2, claiming that the total value of Exide’s assets is to be allocated to senior noteholders.

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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