Exide Locks Down 3-Month Extension On $560M DIP

Law360, New York (October 10, 2014, 8:04 PM EDT) -- Battery maker Exide Technologies Inc.'s debtor-in-possession lenders have agreed to push back the maturity date on $560 million in bankruptcy financing, affording the debtor three more months for negotiations with noteholders around a stand-alone restructuring in return for certain concessions.

All the necessary lenders have consented to the alterations to Exide's debtor-in-possession facility, which will now come due on March 31 rather than Dec. 31, according to a company statement released Friday. Georgia-based Exide said it is still exploring possible ways to pay back or refinance the facility and bring in more cash to fund its reorganization.

The amendment comes amid...

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