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: BlackBerry courts iPhone users with cash

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

Netflix sues Yahoo CIO for alleged kickbacks

6 hours ago

Netflix is suing a former company vice president who is now chief information officer at Yahoo, accusing him of receiving money from vendors he hired to work with the video streaming company.

BlackBerry courts iPhone users with cash

Nov 25, 2014

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

Nov 25, 2014

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

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.