Exide Technologies Emerges From Chapter 11 Restructuring

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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.

Counterman Staff
By Counterman Staff
Published:

Exide-logo-300x88

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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.

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Customer Service: How It’s Done

Customer service should be your number one priority, and it all starts with the greeting.

Eric Garbe
By Eric Garbe
Eric Garbe is a graduate of Columbus State Community College with a degree in Automotive Maintenance Technology. He has extensive independent and dealership field experience as a technician and shop owner and is an ASE Certified Master Technician and former Adjunct Automotive Professor. He has been professionally writing automotive technical articles and documents for many years and in his free time enjoys restoring old cars and creating custom interiors and upholstery.
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This is always an important topic to discuss, because I consider excellent customer service one of the most important tools you can have to earn trust, respect and repeat business from the customers that come through your door. Whether that customer is do-it-yourselfer from across town or the professional repair shop across the street, your business depends on a solid relationship.It’s a subject that I am passionate about, and it’s one that many people are losing touch with. Whether you are communicating to someone in person, on the phone or using some type of social media, good customer service and bad can both exist. You can’t afford the latter, so this is the first in a series of topics which can and should be shared from the front of the shop to the back. No matter which role you hold, you represent the shop and yourself. Customer service should be your number one priority.First on the list is the greeting. From the second a customer walks in the door, they need to know you appreciate them coming in and how important they are to your business. First impressions are everything and here’s the correct way to do it each and every time: look them directly in the eye, smile and say hello!Of course, you can say “Good morning” or “Welcome to Joe’s Autocare,” but it should be a formal greeting and the most important thing is that you have smiled, looked them in the eye and recognized that they have walked through the door.You should always retain a formal greeting until you are on a first-name basis with a customer. Only once you have established that level of relationship is it OK to use the less formal greeting of “Hi,” followed by the person’s name.This greeting does more than just indicate respect and appreciation for someone walking through the door. Most likely there are customers both new and old who are in earshot of your conversation. For newer customers, this continues to build rapport and reinforce their positive view of your shop; they see that you demonstrate respect and treat everyone in the same manner. For repeat customers, even ones that have been coming for years, the greeting is important because the way you treat them is the reason they continue to come.And when a long-time customer comes in and you greet them with “Hi [First Name],” this indicates your appreciation for them and that you’re glad to see them as a person, more than just a customer. New customers that witness this will see that your repeat customers are comfortable enough to be on a first-name basis, another indication of the trust they have in you.

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