Jan. 8, 2015, 7:44 AM
- 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.
Nov. 18, 2014, 7:31 AM
- Exide Technologies (OTCPK:XIDEQ) has filed its plan of reorganization and disclosure statement with the U.S. Bankruptcy Court for the District of Delaware.
- The two are consistent with the terms of the Plan Support Agreement and related plan term sheet into which the company previously entered on November 4, 2014 with holders of Exide's senior secured notes.
Oct. 6, 2014, 8:04 AM
- Exide Technologies (OTCPK:XIDEQ) has launched a new range of batteries including new absorbed glass mat and Start-Stop batteries.
- Start-Stop batteries meet the strict requirements of carmakers, and include all the features from Exide's current OE generation. Start-Stop vehicles already make up 15% of cars on European roads, and will reach 50% within five years.
- The company's new absorbed glass mat battery delivers 4x the cycle life, 20% more power and 3x greater charge acceptance than a standard battery.
Sep. 11, 2014, 8:19 AM
- A new battery from Exide Technologies (OTCPK:XIDEQ) will be able to recharge up to 1.5x faster due to the company's new Carbon Boost technology.
- Carbon Boost was first developed for Exide's Start-Stop AGM and EFB batteries, and uses unique carbon additives to improved charge acceptance, resulting in a significant reduction in charging times.
- Exide Premium Carbon Boost will be launched at the Automechanika tradeshow in Frankfurt this September, along with the company's new range of AGM and EFB batteries.
Aug. 15, 2014, 3:41 PM
- Exide Technologies (OTCPK:XIDEQ) has been hit with a grand jury subpoena in connection with a criminal investigation involving its Vernon, Calif., lead recycling plant.
- Revelation of the federal criminal probe is the latest development in a long history of trouble involving the Vernon plant, a source of cheap lead for Exide's battery-making operations.
- Exide yesterday announced layoffs of 64 employees at the facility.
Jun. 12, 2014, 8:28 AM| Jun. 12, 2014, 8:28 AM
Jun. 18, 2013, 9:06 AM
Exide Technology (XIDE) jumps 17.65% after a judge ruled that the maker of lead-acid batteries can reopen a plant in California that was closed by the state's Department of Toxic Substances Control. The permission to reopen is pending a hearing next month. The department had ordered Exide, which recently filed for Chapter 11, to suspend operations at the plant in April, saying the facility's arsenic emissions posed “an unacceptable risk to public health.”| Jun. 18, 2013, 9:06 AM
Jun. 11, 2013, 3:23 PM
Exide (XIDE +20%) gets interim court approval of a variety of motions towards its restructuring, including the approval of its $500M Debtor-in-Possession financing agreement with JPMorgan Chase to continue the uninterrupted operation of its global business. Standard & Poors cuts its rating to D on the news.| Jun. 11, 2013, 3:23 PM
Jun. 10, 2013, 8:40 AMExide technology (XIDE) shares collapse 36% after the acid-battery maker files for Chapter 11. | Jun. 10, 2013, 8:40 AM | 1 Comment
Jun. 10, 2013, 3:45 AM
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)| Jun. 10, 2013, 3:45 AM | 4 Comments
Jun. 6, 2013, 4:41 PM
Exide Technologies (XIDE -16.3%) is preparing to file for potential bankruptcy protection by this summer, WSJ reports. Any filing likely wouldn't include XIDE's European operations, which account for more than half the company's revenues. XIDE carries ~$700M in debt, and there's concern it won't be able to repay a ~$56M convertible note due in September.| Jun. 6, 2013, 4:41 PM | 9 Comments
May 24, 2013, 2:01 PM
Polypore International (PPO -2%) slips on a tepid initiation at Ascendiant Capital with a Neutral and a $45.50 price target. The firm says the stock is trading a premium to its peers, and appears fairly valued based on current metrics. Also adding to the weakness in the shares today could be the plunge in Exide (XIDE -43%).| May 24, 2013, 2:01 PM
May 24, 2013, 1:37 PMShares of Exide Technologies (XIDE -43%) collapse to a nine year low on a report that it's hired Lazard and Akin Gump Strauss Hauer & Feld to advise on a restructuring, including a possible Chapter 11 filing. The company had initially engaged Deutsche Bank last year to lead a global refinancing, but the effort failed, and management is now pursuing more aggressive restructuring alternatives amid a looming September maturity on its convertible notes. | May 24, 2013, 1:37 PM | 8 Comments
May 17, 2013, 11:43 AMA broad rally in auto supplier stocks isn't a shocker after positive news piled in from across the globe. In Europe, a long slide in sales has finally reversed while China is opening up the western part of its territory for manufacturers. Just to top it off quite nicely, consumer sentiment rose briskly in the U.S. Advancers: American Axle (AXL) +4.5%, Dana Holding (DAN) +4.1%, TRW Automotive (TRW) +2.2%, Navistar (NAV) +4.4%, Federal-Mogul (FDML) +4.2%, Magna International +1.9%, Meritor (MTOR) +2%, Johnson Controls (JCI) +1.9%, Exide Technologies (XIDE) +5.5%. | May 17, 2013, 11:43 AM | 1 Comment
Apr. 26, 2013, 1:03 PM
Apr. 26, 2013, 11:30 AM
Exide Technologies (XIDE -11.8%) sinks for a second day after regulators effectively force the closure of a California lead recycling center. Wedbush analyst Craig Irwin downgrades the shares to Neutral and lowers his price target to $2 from $6. The closure "raises issues around a potential impact on the balance sheet and near-term profitability," he says. Shares are now trading under $1.| Apr. 26, 2013, 11:30 AM