Exide files for Chapter 11 bankruptcy protection

Jun 10, 2013

(AP)—Battery maker Exide Technologies is seeking Chapter 11 bankruptcy protection as it attempts to restructure its U.S. business.

The Milton, Ga., company says it plans to continue to operate globally during its reorganization.

Exide Technologies makes batteries for vehicles and also provides stored services for .

Exide says a highly leveraged balance sheet has limited its ability to invest in its businesses, and unprecedented increases in product costs have hurt its balance sheet. Those increases have been driven mainly by the North American market price for scrap lead.

Exide's voluntary petition for Chapter 11 protection filed in Delaware prevents debt collectors from collecting amounts owed by the company.

Exide says it has negotiated $500 million in financing that will help cover operating expenses after the filing.

Explore further: Clooney slams skittish Hollywood after Sony hack

not rated yet
add to favorites email to friend print save as pdf

Related Stories

Reader's Digest parent seeks bankruptcy protection

Feb 18, 2013

(AP)—The parent company of Reader's Digest has filed for Chapter 11 bankruptcy protection for the second time in less than four years, saying it needs to cut its debt so it can keep restructuring.

Director Cameron's company files for bankruptcy

Sep 11, 2012

(AP)—The digital production company founded by "Titanic" director James Cameron has filed for bankruptcy protection in the U.S. and Canada and reached a deal to sell its operating business to a private investment firm for ...

A123 bankruptcy financing gets final approval

Nov 26, 2012

(AP)—A Delaware judge is giving final approval for Chinese auto-parts maker Wangxiang Group to provide $50 million in bankruptcy financing for battery maker A123 Systems.

Recommended for you

2012 movie massacre hung over 'Interview' decision

10 hours ago

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

17 hours ago

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

Atos shares soar after Xerox acquisition

20 hours ago

Shares in French tech firm Atos soared nearly five percent on Friday as traders cheered the news it had bought the IT wing of Xerox for more than $1 billion.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.