MILTON, Ga. – Exide Technologies’ Plan of Reorganization became effective today. As a result, Exide has now emerged from Chapter 11 as a newly reorganized company. The Bankruptcy Court for the District of Delaware confirmed the Plan on March 27, 2015.
Formerly traded under the ticker symbol OTCQB: XIDEQ, Exide has emerged from Chapter 11 as a privately held company, substantially in its current form, operating across all of its industrial energy and transportation business segments globally.
Exide said it emerges with a stronger balance sheet and a focused strategy. In particular, under the Plan, Exide has emerged reduced debt obligations, a reorganized capital structure and resources to allow for further investments in its global businesses.
The company has reduced its debt by approximately $600 million, and received approximately $165 million through its rights offering. The company also closed on its $200 million exit financing arranged by Bank of America N.A., PNC Capital Markets LLC and BMO Capital Markets Corp. to fund its working capital needs.
“The consummation of our Plan starts a new chapter in the 127-year history of the company, and today, Exide Technologies is fully charged, better capitalized and positioned for growth. With an extensive financial and ongoing operational restructuring, we have a solid foundation to implement our business plan and continue manufacturing and marketing our premier lines of stored electrical energy products and services for our customers around the world,” said Robert Caruso, Exide’s president and CEO. “I’m extremely proud of the outstanding work carried out by our employees, and I’m grateful for the support of our customers and suppliers during our Chapter 11 restructuring process. In addition, I acknowledge the hard work and professionalism of our advisers, financial stakeholders, creditors and all of the parties involved in negotiating our Plan.”
Caruso will continue to serve as president and CEO of Exide Technologies on an interim basis until a new CEO is appointed.
Exide Technologies Common Stock
Pursuant to the Plan, the Exide existing common stock has been cancelled. Common stockholders will receive no distribution and will not retain any property under Exide’s Plan.
