Exide Technologies (Princeton, NJ) announced that the US Bankruptcy Court for the District of Delaware has conditionally approved the company's disclosure statement, subject to certain amendments being made by the company, and authorized the company to begin soliciting approval of its amended plan of reorganization. As previously announced, Exide's plan includes a debt-for-equity exchange and the cancellation of all existing common stock. A hearing to confirm the plan is initially scheduled to begin on October 21, 2003.
Exide Technologies Chairman, Chief Executive Officer and President Craig Muhlhauser said, "Today's court approval is another important milestone toward completing our reorganization. Our plan provides for a significantly improved capital structure that will enable Exide to maintain a strong competitive position in the industry."
