Mexican Media Brands
Battery Maker Exide Hires Restructuring Adviser
Ailing battery maker Exide Technologies Inc. confirms it has retained investment bank and restructuring expert Lazard Ltd. to advise it on financing alternatives.
Share
Ailing battery maker Exide Technologies Inc. confirms it has retained investment bank and restructuring expert Lazard Ltd. to advise it on financing alternatives.
Credit market news service Debtwire reports the Milton, Ga.-based company hired Lazard and law firm Akin Gump Strauss Hauer & Feld LLP to advise it on a restructuring.
Debtwire, which cites unidentified sources, adds that Exide engaged Deutsche Bank AG last year to manage a global refinancing. The cash-strapped company faces the maturing of a significant amount of debt in September, according to the news service.
Exide has closed two U.S. factories, idled a third and said it planned to sell other assets. The company swung to a $15 million net loss in the fiscal third quarter ended Dec. 31 from a $68 million profit a year earlier.
Separately, the Los Angeles Times reports that the city of Los Angeles is exploring legal action against Exide for alleged health hazards caused by arsenic emissions from the company's battery recycling plant there.
RELATED CONTENT
-
Robotic Exoskeleton Amplifies Human Strength
The Sarcos Guardian XO Max full-body, all-electric exoskeleton features strength amplification of up to 20 to 1, making 200 pounds—the suit’s upper limit—feel like 10 pounds for the user.
-
Things to Know About Cam Grinding
By James Gaffney, Product Engineer, Precision Grinding and Patrick D. Redington, Manager, Precision Grinding Business Unit, Norton Company (Worcester, MA)
-
Multiple Choices for Light, High-Performance Chassis
How carbon fiber is utilized is as different as the vehicles on which it is used. From full carbon tubs to partial panels to welded steel tube sandwich structures, the only limitation is imagination.
