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Exide Approved for $178.6 Million Sale of Americas Assets

Aug. 6, 2020, 8:49 PM

Exide Holdings Inc. won bankruptcy court approval to sell its North American business to an affiliate of Atlas Holdings LLC for $178.6 million, putting the battery maker on course for a consensual reorganization.

Exide resolved all outstanding objections ahead of a telephonic sale hearing Thursday at the U.S. Bankruptcy Court for the District of Delaware, where Judge Christopher Sontchi authorized the company’s Chapter 11 transaction with Atlas.

The sale preserves 2,000 or more jobs and allows the manufacturer to distribute funds to general unsecured creditors after paying off pre- and post-bankruptcy loans, Exide attorney Sunny Singh of Weil, Gotshal & ...