Exide Technologies has filed for more time to discuss its bankruptcy restructuring plan with its bondholders.
Exide wants to extend through December 10 to negotiate its plans with unsecured creditors without the threat that creditors could file rival plans.
“The debtor is currently engaged in negotiations with two of its primary constituents in hopes of reaching an agreement on a consensual plan of reorganization,” Exide said in the filing.
Exide said it also needs extra time to seek new financing to exit chapter 11 bankruptcy. Lenders recently agreed to make additional $60m available under the bankruptcy loan.
The lead battery maker and recycler faces several environmental troubles. It is to reopen its temporarily closed facility in Vernon, California after the installment of environmental protection equipment. Last year, the company closed its Frisco plant in Texas and idled a plant in Reading, Pennsylvania. Exide is currently recycling batteries in the US only at the Muncie and Canon Hollow facilities in Montana.
Exide filed for bankruptcy protection in June 2013, shortly after California’s toxic substance regulators closed the Vernon plant. The court will consider Exide’s request for more time to file a plan at a hearing on September 3.