Yesterday, Exide Technologies (XIDEQ) filed a proposed Plan of Reorganization, which is supported by a group of creditors who are parties to a Plan Support Agreement. That Plan of Reorganization provides that existing interests in Exide will be deemed automatically cancelled, released, and extinguished on the effective date of the Plan, if confirmed by the Bankruptcy Court.
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Notwithstanding Exide's filing of the proposed Plan of Reorganization and entry into the Plan Support Agreement, an ad hoc Committee of Equity Security Holders today filed a "supplemental filing in support of the appointment of an official equity committee." In that filing, the ad hoc committee argues, based upon a valuation analysis prepared by its financial advisor Obsido Capital Management, LLC, that there is "a distributable value for equity security holders ranging between $440 million and $740 million."
Read our complete article on the topic here: commercialbankruptcyinvestor.com/article...