Exide Technologies Files Voluntary Chapter 11 Petition
Exide Technologies, (NASDAQ: XIDE), a global leader in stored electrical solutions, announced today that it has filed a voluntary petition for reorganization pursuant to U.S. federal restructuring laws in order to facilitate the financial and operational restructuring necessary to strengthen its balance sheet and its business to position the Company for future success. The petition was filed in the District of Delaware.
Only Exide Technologies' United States' operations, including the GNB Industrial Division, are included in the filing. Exide Technologies' international operations are excluded from the filing. The Company plans to continue to operate globally without interruption during the reorganization.
James R. Bolch, President and Chief Executive Officer of Exide said, "Operations both in the U.S. and in the rest of the world will continue to serve customers in a timely manner with the same quality products, and outstanding customer care as they did before the filing. All post-filing obligations