Exide Technologies Considers Exchanging Stocks for Debt
June 28, 2001 by Jeff Shepard
Exide Technologies (Princeton, NJ) has announced that it may, pending shareholder approval, exchange up to 20 million shares of its common stock for some or all of its debt. The company reports that it has received approval to revise some covenants in its $900.0 million credit facility through September 2002, which provided the opening for the possible shares-for-debt swap.
“Lender support has been, and continues to be, an important element in our efforts to restructure the company,” said CFO Kevin Morano.