Click Here for a copy of the Second Amended Plan of Reorganization of Exide Technologies, the Plan Supplement, and the Second Amended Disclosure Statement with Respect to the Plan of Reorganization of Exide Technologies.

Important Dates

Voting Deadline March 11, 2015 at 4:00 p.m.
(prevailing Eastern Time)
Deadline to Object to Confirmation of the Plan March 11, 2015 at 4:00 p.m.
(prevailing Eastern Time)
Confirmation Hearing March 27, 2015 at 10:00 a.m.
(prevailing Eastern Time)

Recent Developments

On February 4, 2015, the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") approved the Debtor's Disclosure Statement and entered a series of orders approving other milestone agreements.

First, the Bankruptcy Court entered the Order (A) Approving the Adequacy of the Debtor's Disclosure Statement with Respect to the Plan of Reorganization of Exide Technologies; (B) Approving Solicitation and Notice Procedures with Respect to Confirmation of the Debtor's Proposed Plan of Reorganization; (C) Approving the Form of Various Ballots and Notices in Connection Therewith; and (D) Scheduling Certain Dates with Respect Thereto (Docket No. 3092) (the "Disclosure Statement and Solicitation Procedures Order"). The Disclosure Statement and Solicitation Procedures Order held, among other things, that the Disclosure Statement (Docket No. 3095) contained "adequate information” in compliance with section 1125 of the Bankruptcy Code. It also authorized the Debtor to commence the solicitation of acceptances of the Second Amended Plan of Reorganization of Exide Technologies (Docket No. 3096) (the "Plan"). Pursuant to the Disclosure Statement and Solicitation Procedures Order, the Debtor expects to transmit solicitation materials to all appropriate voting parties on or before February 11, 2015. The hearing to confirm the Plan is currently scheduled for March 27, 2015 at 10:00 a.m. prevailing Eastern Time. A copy of the Confirmation Hearing Notice can be found here (Docket 3097).

Second, the Bankruptcy Court approved the Second Amended Plan Support Agreement and Backstop Commitment Agreement. The Second Amended Plan Support Agreement provides the Debtor with support for the Plan from holders of a majority of the principal amount of Exide’s senior secured notes. Moreover, certain of those holders, through the Backstop Commitment Agreement, have committed to backstop up to $160 million of second lien convertible notes to be offered pursuant to a $175 million rights offering described in more detail below.

Third, the Bankruptcy Court entered the Order Under Bankruptcy Code Sections 105 and 363 and Bankruptcy Rule 9019 Authorizing and Approving the Debtor’s Entry into Settlement Agreement with the Official Committee of Unsecured Creditors and Consenting Creditors of the Unofficial Noteholders' Committee (Docket No. 3093) (the "Settlement Approval Order"), which approved a tripartite global settlement agreement between the Debtor, the official committee of unsecured creditors (the "Creditors' Committee"), and certain members of the unofficial committee of senior secured noteholders (the "UNC"). The settlement term sheet describing the settlement is attached as Exhibit 1 to the Settlement Approval Order. Under the settlement, the Creditors’ Committee agreed, among other things, to affirmatively support confirmation of the Plan. A copy of the Creditors’ Committee’s letter in support of the Plan can be found here.

Fourth, the Bankruptcy Court entered the Order Approving Certain Rights Offering and Distribution Procedures and Forms in Connection Therewith (Docket No. 3088) (the "Rights Offering Order"). Pursuant to the Rights Offering Order and the Plan, the Debtor proposes to raise up to $175 million in new money by offering Holders of Senior Notes Claims that are Eligible Holders (as such terms are defined in the Plan) the right to purchase New Second Lien Convertible Notes. For Eligible Holders participating fully in the Rights Offering, there is also an opportunity to participate in the Oversubscription. In addition, the Rights Offering Order provides Holders of Senior Notes Claims that are Eligible Holders with the right to participate in the DIP Term Loan Refinancing Investment Option, which is the right to invest up to an additional $346.8 million on a Pro Rata basis, the proceeds of which shall be used to purchase DIP Term Loan Claims at par.

For more information, including the Company’s news release regarding the above, please visit www.exiderestructures.com

Additional Background

On June 10, 2013, Exide Technologies filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (the "Chapter 11 Case") in the Bankruptcy Court. This Chapter 11 Case has been assigned to the Honorable Kevin J. Carey under Case No. 13-11482.

On June 18, 2013, the United States Trustee for the District of Delaware appointed an official committee of unsecured creditors pursuant to section 1102 of the Bankruptcy Code.

On September 13, 2013, the Bankruptcy Court entered an order (the "Bar Date Order") establishing October 31, 2013, at 5:00 p.m. (prevailing Eastern Time) as the deadline to file general proofs of claim and requests for payment under Bankruptcy Code Section 503(b)(9) against the Debtor, and December 9, 2013, at 5:00 p.m. (prevailing Eastern Time) as the deadline to file governmental proofs of claim. A copy of the Bar Date Order is available by clicking here. For more information and to review a copy of the Bar Date Notice and Proof of Claim, see the "Bar Date Information/Proof of Claim Form" tab on the left side of this page.

On October 24, 2013, the Bankruptcy Court entered a supplemental order (the "Supplemental Vernon Bar Date Order") establishing January 31, 2014, at 5:00 p.m. (prevailing Eastern Time) as the deadline to file proofs of claim solely with respect to personal injury claims relating to the Debtor’s secondary lead recycling facility in Vernon, California (the "Vernon California Facility"). A copy of the Supplemental Vernon Bar Date Order can be viewed by clicking here. For more information, please see the "Bar Date Information/Proof of Claim Form" tab.

On January 7, 2015, the Debtors and certain of its creditors entered into a Second Amended and Restated Plan Support Agreement, setting forth March 31, 2015 as the deadline for the plan to go "effective". On February 4, 2015, the Court entered the Order Authorizing and Approving the Debtor’s: (I) Entry into a Plan Support Agreement and (II) (A) Entry into a Backstop Commitment Agreement, (B) Payment of Related Fees and Expenses, and (C) Incurrence of Certain Indemnification Obligations (Docket No. 3087). A copy of the Plan Support Agreement is available here.

Please continue to visit this website from time to time for updates on this Chapter 11 Case. Please note that neither the Clerk of the Bankruptcy Court nor Garden City Group, LLC, the notice and claims agent, is permitted to give legal advice.