Exide's $500M Bankruptcy Loan Has Enviro Risks, EPA Says
Law360, Wilmington (July 16, 2013, 9:16 PM EDT) -- Opposition from environmental agencies to final approval of battery manufacturing giant Exide Technologies' $500 million bankruptcy loan is growing, with the U.S. Environmental Protection Agency and several state regulators arguing Tuesday that the credit facility's budget may not cover emergencies.
The U.S. government, on behalf of the EPA, argued that the loan terms as they're written don't give Exide enough flexibility to respond to any sort of environmental or other disaster, and could force the feds to clean up the contaminated collateral at taxpayer expense.
“The debtor may contend that its hands are tied from acting even in the event of...
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