BREAKING NEWS: Exide stock falls to $1.37 amid reports it has hired firm to advise on restructuring
Exide Technologies (XIDE), a maker of lead- acid batteries, dropped the most in almost nine years after Debtwire reported it hired Lazard and Akin Gump Strauss Hauer & Feld LLP to advise on a restructuring.
Exide sank (XIDE) to $1.37 at the close in New York for the biggest one-day decline since April 21, 2004. The Milton, Georgia-based company has tumbled 60 percent this year.
The company hired banker Lazard and law firm Akin Gump after initially engaging Deutsche Bank AG last year to lead a global refinancing, the news service said. Management is now considering restructuring alternatives amid capital issues and a looming September maturity on its convertible notes, Debtwire said, citing sources it didn’t identify.
The company had cash and cash equivalents of $80 million as of Dec. 31, according to its most recent earnings report.
Susan Jaramillo, a company spokeswoman, didn’t immediately respond to a voice mail requesting comment.
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