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Curse of Vernon hangs of Exide bankruptcy exit

Fri, 11/21/2014 - 12:09 -- gerry@bestmag.co.uk
Exide facility in Vernon

Exide Technologies Inc has produced its Chapter 11 bankruptcy exit plan that spells how it plans to be clear of its burden by March 2015. It needs $175m in new investment as well as complicated debt for equity swaps with major lenders but much hinges on the troubled Vernon California plant.

This has already cost it $69m since April and could cost another $98m more over the next few years if it is allowed to re-open. No calculation is given as to what it would cost to get lead from elsewhere.

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