Exide Technologies Secures Waiver from Lenders
Exide Technologies (Princeton, NJ) announced that it has secured a waiver from its senior lenders through April 12, 2002, of certain covenants contained in the company's senior secured global credit facility. The company was not in compliance with certain financial covenants contained in its credit facility as of September 30, 2001, and secured a waiver through December 28, 2001.
"I am very encouraged by the progress we are making in our operational restructuring efforts and the support of our customers, suppliers and lenders in this process. Our global business unit realignment and cost-reduction actions have improved the strength of our overall business, and we continue to identify and implement actions to enhance the efficiency of our operations," said Craig Muhlhauser, president and CEO of Exide Technologies. "Together with our professional advisors, we are developing a plan to address our debt leverage. We are confident that through these efforts we can improve the long-term financial strength of the company, while minimizing the impact on our customers and business operations."