Facing $31M in interest payments in August and the maturity of almost $52M in convertible debt a...


Facing $31M in interest payments in August and the maturity of almost $52M in convertible debt a month later, Exide Technologies (XIDE) has filed for bankruptcy protection with liabilities of $1.14B and assets of over $1.89B. It's the lead-acid battery company's second filing in 11 years. Exide cited rising costs, Europe's slowdown and intense competition as reasons for its current problems. Exide has obtained a $500M bankruptcy loan from JPMorgan (JPM). (PR)

Comments (4)
  • bd4uandu
    , contributor
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    No mention of the shake down in Cali over the recycling plant?
    10 Jun 2013, 08:09 AM Reply Like
  • Lakeaffect
    , contributor
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    Management should have known better than put a plant like that in Cali in the first place.
    10 Jun 2013, 08:49 AM Reply Like
  • wayneq
    , contributor
    Comments (44) | Send Message
     
    Bond holders should have known better after the first filing to never buy their bonds. But you can't cure stupid!
    10 Jun 2013, 11:32 AM Reply Like
  • bd4uandu
    , contributor
    Comments (2074) | Send Message
     
    I will admit to not being a bankruptcy lawyer. If XIDE declares BK but only for the US part of the company is there any value in their stock? I am guessing that the 500 million that JP sported them is the physical company or foreign subsidies collateral?
    Are the liabilities for the environmental cleanup still with them?
    10 Jun 2013, 12:22 PM Reply Like
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