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Exide Files for Chapter 11; Is in ‘Advanced’ Talks With Buyers

May 19, 2020, 6:41 AM

Exide Technologies started Chapter 11 process to facilitate sale of North American business; is engaged in advanced talks with multiple potential buyers, according to statement.

  • Long-time lenders to acquire, fund and support EMEA and Asia-Pacific business; these operations not included in Chapter 11 proceedings
  • Secures $40m of debtor-in-possession financing to support ongoing operations in North America; company says it continues to serve customers as usual during court-supervised sale process
  • Weil, Gotshal & Manges is serving as legal counsel to Exide, Houlihan Lokey is serving as investment banker, and Ankura is serving as financial adviser

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