“Battery maker Exide Technologies Inc. XIDE -66.83% filed for Chapter 11 bankruptcy protection early Monday as it faced $31 million in interest payments in August and the maturity of nearly $52 million in convertible notes in September.
The Milton, Ga., company, which sought Chapter 11 protection in the U.S. Bankruptcy Court in Wilmington, Del., plans to “implement a restructuring that would result in a de-levered balance sheet and a sustainable capital structure,” Chief Financial Officer Phillip A. Damaska said in court papers.
The company has lined up a $500 million bankruptcy loan from J.P. Morgan Chase & Co. to fund its restructuring.
The filing is Exide’s second. It emerged from an earlier Chapter 11 restructuring in 2004.
The company makes Exide- and NorthStar-branded lead-acid batteries for vehicles and other machines. Its customers include auto makers, parts suppliers and retailers.
Exide, which employs about 10,000 people in more than 80 countries, listed assets of about $1.9 billion and debts of $1.1 billion in its Chapter 11 petition….”
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