Exide Floats Ch. 11 Plan To Trim Debt By $600M

Law360, Wilmington (November 18, 2014, 7:23 PM EST) -- Battery maker Exide Technologies Inc. unveiled a Chapter 11 plan on Monday in Delaware bankruptcy court that would see the company emerge from bankruptcy as a going concern with a debt load reduced by roughly $600 million.

Backed by a plan support agreement reached with the majority of senior noteholders earlier this month, Exide's plan also envisions $175 million in new investment, according to the documents filed in Delaware bankruptcy court.

“The plan provides for an equitable distribution of recoveries to the debtor’s creditors, preserves the value of the debtor’s business as a going concern and preserves the jobs of employees,”...

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