Exide Gets Nod For Ch. 11 Reorganization Plan Disclosure
Law360, Wilmington (February 4, 2015, 7:50 PM EST) -- A Delaware bankruptcy judge on Wednesday gave Exide Technologies Inc. the green light to solicit votes for a restructuring plan that would trim roughly $600 million in debt and blessed a slate of motions designed to facilitate the battery maker's exit from Chapter 11.
At a hearing in Wilmington, U.S. Bankruptcy Judge Kevin J. Carey agreed to sign off on Exide's plan disclosure statement, as well as a recent settlement with various creditors and backstop agreement that would fund up to $160 million in new debt.
“I am prepared to approve the disclosure statement as containing adequate information,” Judge Carey said....
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