Tag Archives: DIP

EXIDE BANKRUPTCY BREAKING NEWS – Exide enters into Plan Support Agreement and also starts sales process for its businesses

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TAKEN FROM EXIDE NEWS RELEASE Exide Technologies Enters Into Plan Support Agreement MILTON, Ga., Nov. 4, 2014 (GLOBE NEWSWIRE) — Exide Technologies (the “Company”), a global leader in stored electrical-energy solutions, announced today that it entered into a plan support agreement (“PSA”) with holders of a majority of the principal amount of Exide’s senior secured […]

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EXIDE BANKRUPTCY BREAKING NEWS: Bankrupt Exide gets nod to extend $560 million DIP loan; Exide gives up exclusive ability to file a Chapter 11 plan

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LAW 360 Bankrupt Exide Gets Nod To Extend $560M DIP Loan By Jamie Santo Law360, Wilmington (October 31, 2014, 6:09 PM ET) — A Delaware bankruptcy judge signed off Friday on Exide Technologies Inc.’s proposed extension of its $560 million debtor-in-possession financing package, but only after the battery maker agreed to terminate the Chapter 11 exclusivity period. […]

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EXIDE BANKRUPTCY BREAKING NEWS: Exide unsecured creditors blast extension for $560 million Debtor-in-Possession financing package

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In a motion before the Delaware bankruptcy court, the official committee of unsecured creditors called for the court to order a “fair and appropriate” DIP financing process, and argued that the unofficial committee of secured noteholders is “concocting a scheme” that would lead to a one-party reorganization or a “ridiculously quick credit bid sale that, […]

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EXIDE BANKRUPTCY UPDATE: Exide gets approval from lenders for extension of its debtor-in-possession credit facility’s maturity date to March 31, 2015

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CNN MONEY Exide Technologies Receives Approval From Lenders to Extend DIP Financing Maturity Date   October 10, 2014: 07:08 AM ET  MILTON, Ga., Oct. 10, 2014 (GLOBE NEWSWIRE) — Exide Technologies (OTCQB:XIDEQ), a global leader in stored electrical-energy solutions, announced today that the Company has received all necessary approvals from its lenders, thereby extending its […]

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EXIDE BANKRUPTCY BREAKING NEWS: Exide informs bankruptcy court about Plan of Reorganization submitted by unofficial committee of senior secured note holders; deadline for Exide submitting its own Plan of Reorganization extended once again – to July 31.

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From Exide’s news release: “The non-binding POR proposal contemplates substantial deleveraging of the Company’s debt by more than $700 million, a sizable investment of new equity capital, and new debt to fund the Exide Chapter 11 emergence and post-emergence business — including liquidity and working capital to support the Company’s operations, seasonality and growth of […]

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EXIDE BANKRUPTCY BREAKING NEWS: Court gives Exide 30-day exclusivity extension to file its Plan of Reorgnaization; Exide president expresses commitment to investment in plants and facilities — perhaps to bring them into compliance with state and federal regulations? No mention made of any Exide plans for communities negatively impacted by its violation-plagued current and former operations

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While Exide’s Caruso stated that the company “continues to invest in its business, and this amendment to the DIP supports our commitment to ongoing improvements in our operations and facilities,” he made no mention of what plans Exide has to address the communities that have been negatively impacted by the plant’s emissions of lead, arsenic and […]

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