- Exide Technologies (OTCPK:XIDEQ) has entered into backstop agreement with supporting noteholders as it continues its plan of emerging from Chapter 11 restructuring by March 31.
- Certain holders of its senior secured notes have executed a commitment to backstop up to $160M of second lien convertible notes to be offered to certain senior secured note holders as part of a proposed plan of reorganization.
- The plan contemplates de-leveraging the company by approximately $600M to provide for an "as converted" net leverage ratio of approximately 2x.