US lead-acid battery maker Exide Technologies has agreed to sell its EMEA and Asia Pacific business and plans to sell its North America interest as it faces down its third Chapter 11 crisis in two decades.
The announcements come as the company and some of its US subsidiaries filed voluntary Chapter 11 petition of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
The Georgia-headquartered firm began voluntary Chapter 11 proceedings to facilitate the sale of its North American operations.
In a letter to its suppliers on 19 May, the firm said it had entered into an agreement to sell the EMEA and Asia Pacific business to an ad-hoc group of its noteholders.
The EMEA and South Pacific business is not included in the Chapter 11 proceedings and continues to operate as a stand-alone company independent from Exide Americas.