Exide's Ch. 11 Financing OK'd Over Creditor Opposition
Law360 (May 21, 2020, 7:05 PM EDT) -- Exide Technologies LLC's second Chapter 11 in the past decade is off to a contentious start as a Delaware judge Thursday gave his nod for Exide to use lender cash collateral and up to $40 million in debtor-in-possession financing, despite strong opposition from certain secured lenders.
During a hearing held via telephone, U.S. Bankruptcy Judge Christopher S. Sontchi overruled objections made by Bank of America NA, the administrative agent for roughly $100 million in asset-based secured debt owed by the global battery maker and recycler, to the DIP provisions and nonconsensual use of its cash collateral.
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