Bankrupt Exide Gets Nod To Extend $560M DIP Loan

Law360, Wilmington (October 31, 2014, 6:09 PM EDT) -- A Delaware bankruptcy judge signed off Friday on Exide Technologies Inc.'s proposed extension of its $560 million debtor-in-possession financing package, but only after the battery maker agreed to terminate the Chapter 11 exclusivity period.

U.S. Bankruptcy Judge Kevin J. Carey blessed the debtor's request to extend the DIP loan's maturity date — a move that faced strong opposition from the official committee of unsecured creditors — after Exide accepted his condition that it must give up the exclusive ability to file a Chapter 11 plan.

The DIP motion satisfied the requirements for approval, Judge Carey said at a hearing in Wilmington,...

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