News Column


May 29, 2014

ENP Newswire - 29 May 2014

Release date- 28052014 - Milton, Georgia - Exide Technologies (OTCQB: XIDEQ,, a global leader in stored electrical-energy solutions, announced today that it has received approval of an amendment to its Debtor-in-Possession (DIP) credit agreement.

Principally, the amendment provides an extension of Exide's deadline to file the Plan of Reorganization (POR) from May 31 to June 30, 2014. The Company requested this change to give stakeholders more time to successfully evaluate the terms of the POR.

'Exide and its advisors believe that it is prudent to provide the Unofficial Committee of Secured Noteholders and the Official Committee of Unsecured Creditors additional time to review and consider the Company's revised five-year business plan submitted to them earlier this month,' said Robert M. Caruso, President and Chief Executive Officer of Exide Technologies. 'In connection with this expectation, we believe it would be beneficial to extend the May 31 milestone date to submit the POR under our DIP financing by an additional 30 days.'

The amendment also increases the quarterly and rolling four quarter capital expenditure limits to $36 million and $120 million, respectively, as well as expands the limits on factoring from EUR75 million to EUR100 million and permits subsidiaries domiciled in additional countries to engage in factoring arrangements.

'Exide continues to invest in its business, and this amendment to the DIP supports our commitment to ongoing improvements in our operations and facilities,' added Caruso.

Additional details are available in the Company's 8-K, filed today, available at

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Source: ENP Newswire