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Exide Closer to Exiting Chapter 11

Exide Technologies said it reached an agreement with its creditors and lenders on a plan to exit Chapter 11 protection, one that gives unsecured creditors 10 percent of the reorganized company. 11

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From Detroit Free Press

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PRINCETON, NJ — Exide Technologies said it reached an agreement with its creditors and lenders on a plan to exit Chapter 11 protection, one that gives unsecured creditors 10 percent of the reorganized company.

The maker of automotive and industrial batteries last December lost a bid for court approval of a plan of reorganization that would have left almost all of Exide in the hands of holders of secured debt.

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