Exide’s Bankruptcy Plan Approved Over California’s Concerns (1)

Exide Holdings Inc. got court approval of its bankruptcy plan, allowing the battery manufacturer to sell its overseas assets and avoid paying for a full cleanup of a former recycling facility in California over the state’s objections.

The plan, which was amended four times before it was approved Friday, incorporates a global settlement Exide reached with its creditors, purchasers of the overseas assets, the U.S. Environmental Protection Agency, and ten state environmental agencies. California’s was the only environmental agency that rejected the settlement agreement.

California Gov. Gavin Newsom (D) called the plan approval “dangerous” and said the state would ...