Exide Technologies Emerges From Chapter 11 Restructuring

Battery-Maker Exide Technologies Emerges From Chapter 11 Restructuring

The company has reduced its debt by approximately $600 million, and received approximately $165 million through its rights offering.


MILTON, Ga. – Exide Technologies’ Plan of Reorganization became effective today. As a result, Exide has now emerged from Chapter 11 as a newly reorganized company. The Bankruptcy Court for the District of Delaware confirmed the Plan on March 27, 2015.

Formerly traded under the ticker symbol OTCQB: XIDEQ, Exide has emerged from Chapter 11 as a privately held company, substantially in its current form, operating across all of its industrial energy and transportation business segments globally.

Exide said it emerges with a stronger balance sheet and a focused strategy. In particular, under the Plan, Exide has emerged reduced debt obligations, a reorganized capital structure and resources to allow for further investments in its global businesses.

The company has reduced its debt by approximately $600 million, and received approximately $165 million through its rights offering. The company also closed on its $200 million exit financing arranged by Bank of America N.A., PNC Capital Markets LLC and BMO Capital Markets Corp. to fund its working capital needs.

“The consummation of our Plan starts a new chapter in the 127-year history of the company, and today, Exide Technologies is fully charged, better capitalized and positioned for growth. With an extensive financial and ongoing operational restructuring, we have a solid foundation to implement our business plan and continue manufacturing and marketing our premier lines of stored electrical energy products and services for our customers around the world,” said Robert Caruso, Exide’s president and CEO. “I’m extremely proud of the outstanding work carried out by our employees, and I’m grateful for the support of our customers and suppliers during our Chapter 11 restructuring process. In addition, I acknowledge the hard work and professionalism of our advisers, financial stakeholders, creditors and all of the parties involved in negotiating our Plan.”

Caruso will continue to serve as president and CEO of Exide Technologies on an interim basis until a new CEO is appointed.

Exide Technologies Common Stock

Pursuant to the Plan, the Exide existing common stock has been canceled. Common stockholders will receive no distribution and will not retain any property under Exide’s Plan.

You May Also Like

NPW Adds Automotive Installers Warehouse to its Network

AIW has been an NPW customer since 2013.

NPW announced the addition of Automotive Installers Warehouse (AIW) to its network.

AIW, a customer of NPW since 2013, has joined forces with NPW as part of its ongoing growth efforts.

Under the leadership of owner Omar Mesa, “AIW has consistently delivered exceptional service and expertise to its customers,” NPW said in a news release.  

Auto-Wares Recognizes Six Companies with Supplier Awards

DRiV received the 2023 Supplier of the Year Award.

DRiV Auto Wares
O’Reilly Honors DMA with 2 Awards at Leadership Conference

DMA took home the Content and Omnichannel Award and the Marketing and Advertising Award.

DMA O'Reilly
VIPAR Heavy Duty Supplier Advisory Council Reviews Performance, Strategy

At its semi-annual meeting, the council discussed current and expected market conditions and opportunities.

VIPAR Heavy Duty
MANN+HUMMEL’s NA Aftermarket Brands Support Right to Repair

The Right-to-Repair movement has gained momentum in recent years.

MANN+HUMMEL Right to Repair

Other Posts

Valvoline Restore & Protect Ad Runs on Super Bowl Sunday

Valvoline featured its new full-synthetic motor oil in a 30-second commercial that aired during the pre-game coverage.

Restore and Protect
Dayco Teams Up With eXtra Loyalty Program

Dayco products offered through the eXtra program include serpentine-belt kits, timing-belt water-pump kits, timing-chain kits and water pumps.

Auto Care Testifies Against Idaho Bill Targeting Non-OEM Parts

The bill would add language to an existing law that requires insurers to notify consumers in writing if they specify aftermarket parts for a collision repair.

Idaho SB 1233
UofA Foundation Accepting Applications for Automotive Scholarships

The application deadline is March 31.