Auto Battery Maker Exide Files for Bankruptcy
Second time in a decade
Troubled automotive battery maker Exide Technologies Inc. filed for Chapter 11 bankruptcy protection on Monday for the second time in ten years, citing a Wal-Mart Stores Inc. decision to stop buying its products as a factor.
Exide said it will continue producing batteries for auto makers and other customers as it works on a restructuring plan. Exide faced $31 million in interest payments in August and the maturity of nearly $52 million in convertible notes in September.
"At this point we don't have any plans to close additional facilities," Chief Executive Jim Bolch said in an interview on Monday. He said he wouldn't speculate on layoffs in the future. The bankruptcy filing only affects Exide operations in the U.S., Mr. Bolch said.
