Law360, Wilmington (June 10, 2013, 8:36 PM EDT) -- Georgia-based battery giant Exide Technologies sought Chapter 11 protection in Delaware bankruptcy court Monday seeking to restructure its balance sheet and U.S. operations with the help of $500 million in debtor-in-possession financing from an arm of JPMorganChase & Co.
Rising production costs, intense competition and reduced access to credit have drained the battery maker's earnings and liquidity in recent years, “ultimately making this Chapter 11 filing a necessary step for Exide to de-lever its balance sheet and implement an operational restructuring plan,”Chief Financial Officer Phillip A. Damaska said in a first-day declaration.
One of the largest producers of lead-acid batteries, Exide...
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