UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 30, 2015

 

 

Exide Technologies

(Exact name of registrant as specified in its charter)

 

 

 

Delaware		1-11263		23-0552730
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification No.)

 

13000 Deerfield Parkway, Building 200, Milton, Georgia		30004
(Address of principal executive offices)		(zip code)

(678) 566-9000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

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Item 8.01. Other Events.

On April 30, 2015, Exide Technologies, a Delaware corporation (the “Company”), announced that it had emerged from bankruptcy as a newly reorganized company. A copy of the Company’s press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

In connection with its emergence from bankruptcy, the Company will file a Form 15 with the Securities and Exchange Commission soon after the filing of this Current Report, pursuant to which the Company’s reporting obligations under Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended, will be suspended immediately. Following the filing of the Form 15, information to be delivered to holders of the Company’s securities will be provided through a private website or third party service provider.

Item 9.01 Exhibits

 

Exhibit No.		Description
99.1		Press Release of Exide Technologies, dated as of April 30, 2015

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: April 30, 2015

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EXIDE TECHNOLOGIES

CURRENT REPORT ON FORM 8-K

Report Dated April 30, 2015

EXHIBIT INDEX

 

Exhibit No.		Description
99.1		Press Release of Exide Technologies, dated as of April 30, 2015

Exhibit 99.1

 

MEDIA and INVESTOR CONTACTS:

Jeannine Addams

Kristin Wohlleben

J. Addams & Partners, Inc.

404.231.1132 phone

jfaddams@jaddams.com

kwohlleben@jaddams.com

Exide Technologies Emerges from Chapter 11 Restructuring

Company Successfully Completes Financial Reorganization for U.S. Operations

Milton, Georgia – (April 30, 2015) – Exide Technologies (www.exide.com), a global leader in stored electrical-energy solutions, announced that its Plan of Reorganization (Plan) became effective today and that the Company has emerged from Chapter 11 as a newly reorganized company. As previously announced, the Bankruptcy Court for the District of Delaware confirmed the Plan on March 27, 2015.

Formerly traded under the ticker symbol OTCQB: XIDEQ, Exide has emerged from Chapter 11 as a privately held Company, substantially in its current form – operating across all Industrial Energy and Transportation business segments globally.

Exide emerges with a stronger balance sheet and a focused strategy. In particular, under the Plan, Exide has emerged from Chapter 11 with reduced debt obligations, a reorganized capital structure, and resources to allow for further investments in its global businesses. The Company has reduced its debt by approximately $600 million; received approximately $165 million through its rights offering; and closed on its $200 million exit financing arranged by Bank of America, N.A., PNC Capital Markets, LLC, and BMO Capital Markets Corp. to fund its working capital needs.

“The consummation of our Plan starts a new chapter in the 127-year history of the Company, and today, Exide Technologies is fully charged, better capitalized and positioned for

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growth. With an extensive financial and ongoing operational restructuring, we have a solid foundation to implement our business plan and continue manufacturing and marketing our premier lines of stored electrical energy products and services for our customers around the world,” said Robert M. Caruso, Exide’s President and Chief Executive Officer. “I’m extremely proud of the outstanding work carried out by our employees, and I’m grateful for the support of our customers and suppliers during our Chapter 11 restructuring process. In addition, I acknowledge the hard work and professionalism of our advisors, financial stakeholders, creditors and all of the parties involved in negotiating our Plan.”

Caruso will continue to serve as President and Chief Executive Officer of Exide Technologies on an interim basis until a new CEO is appointed.

“Exide’s emergence from Chapter 11 is an illustration of trust and teamwork at its best – characteristics that will carry the Company forward as it continuously improves and meets global challenges for energy storage and management in the 21st century,” added Caruso.

Exide Technologies Common Stock

Pursuant to the Plan, the Exide existing common stock has been cancelled. Common stockholders will receive no distribution and will not retain any property under Exide’s Plan.

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About Exide Technologies

Exide Technologies, with operations in more than 80 countries, is one of the world’s largest producers and recyclers of lead-acid batteries. The Company’s global business groups provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications. Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and automotive applications. Industrial markets include network power applications such as telecommunications, electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.