Exide Bankruptcy Loan Shirks Enviro Liability, Texas Says

Law360, Houston (July 3, 2013, 8:08 PM EDT) -- Texas regulators urged a Delaware bankruptcy judge to prevent troubled battery maker Exide Technologies Inc. from continuing to spend proceeds from a $500 million postpetition loan until funds are secured for environmental cleanup obligations owed to the state.

The Texas Commission on Environmental Quality filed an objection on July 2 to Exide’s request to spend proceeds of the loan, arguing that because it is secured against the majority of the company’s assets there is no guarantee Exide will be able to live up to its agreement with the state to clean up a decommissioned battery recycling facility and other properties....

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