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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.
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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.
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