Exide enters amendments to plan support and backstop commitment deals

By Caroline Salls

Pittsburgh, April 9 – Exide Technologies, Inc. entered into amendments to its backstop commitment agreement with some of its senior secured noteholders and plan support agreement with holders of a majority in principal amount of its senior secured notes, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The first amendments to the agreements include technical changes required by Exide’s filing of a second amended plan of reorganization, including the elimination of references to preliminary term sheets that precluded the second amended plan.

Exide said the first set of amendments also include changes reflecting the court approval of the disclosure statement related to the plan.

The second amendments extend the date on which the parties may terminate the backstop commitment and support agreements to April 30 from March 31 and allow consenting creditors to participate as backstop parties in the rights offering being conducted under the company’s fourth amended plan, which was confirmed on March 27 by the U.S. Bankruptcy Court for the District of Delaware.

The second set of amendments also modify a waiver related to backstop commitment closing conditions and make technical changes related to the filing of the fourth amended plan.

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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