Exide Notches $160M Backstop Pledge From Top Creditors
Law360, New York (January 8, 2015, 7:30 PM EST) -- Senior creditors to Exide Technologies Inc. pledged to backstop up to $160 million in new junior debt contemplated under the battery maker’s bankruptcy plan, Exide said Thursday, a step toward its goal of leaving Chapter 11 by April via a sale or, failing that, a stand-alone restructuring.
The agreement with Black Diamond Capital Management LLC, AllianceBernstein LP and other holders of Exide’s senior secured notes provides the committed capital necessary for the debtor to fund its Chapter 11 exit plan, according to papers filed in Delaware bankruptcy court.
The backstop agreement obligates the signatories, which hold more than $79 million in...
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