Troubled US lead-acid battery company Exide Technologies’ plan of reorganisation has been confirmed by the U.S. bankruptcy court.
The ruling allows Exide to emerge from Chapter 11 bankruptcy once it meets all the conditions of the plan, which includes obtaining closing on exit financing.
Judge Kevin J. Carey of the District of Delaware entered an order confirming the company’s Plan, which has overwhelming creditor support, according to a statement on Exide’s website.
The Company also obtained an amendment to its Debtor-in-Possession (“DIP”) credit agreement, which extends the DIP credit facility’s maturity date from March 31 to April 30.
Robert M. Caruso, President and Chief Executive Officer of Exide Technologies, claimed it was a ‘great day’ for the company.
He said: “We are now poised to emerge successfully from Chapter 11 and implement our business plan.”