Exide's Ch. 11 Financing OK'd Over Creditor Opposition

Law360 (May 21, 2020, 7:05 PM EDT) -- Exide Technologies LLC's second Chapter 11 in the past decade is off to a contentious start as a Delaware judge Thursday gave his nod for Exide to use lender cash collateral and up to $40 million in debtor-in-possession financing, despite strong opposition from certain secured lenders.

During a hearing held via telephone, U.S. Bankruptcy Judge Christopher S. Sontchi overruled objections made by Bank of America NA, the administrative agent for roughly $100 million in asset-based secured debt owed by the global battery maker and recycler, to the DIP provisions and nonconsensual use of its cash collateral.

"These are difficult times, and...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!