Bankrupt Exide Floats $10M Environmental Cleanup Deal

Law360 (September 23, 2020, 7:57 PM EDT) -- Bankrupt battery maker Exide Holdings Inc. filed a proposed settlement with the U.S. Environmental Protection Agency in Delaware bankruptcy court Tuesday that would see credit bidders put $10 million into an environmental cleanup trust to fund remediation of the debtor's abandoned properties.

In court filings, Exide and the EPA said they have agreed to the consent decree between the debtor, the EPA and environmental regulatory agencies of 10 states, whereby creditors seeking to acquire Exide's European entities will contribute $10 million to a trust that will be allocated to 16 sites in the U.S. to address cleanup obligations.

The trust will...

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