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Exide Technologies Message Board

  • spencer_has_arrived spencer_has_arrived Jun 11, 2013 3:46 PM Flag

    Some news from Briefing and my own analysis.....

    Exide Tech receives interim court approval for $500 mln financing agreement (0.25 +0.06)

    Co announced that it has received U.S. Court approval of a variety of motions that will support the Company's operations as it proceeds with its restructuring, including interim approval of its $500 million Debtor-in-Possession (DIP) financing agreement with JP Morgan Chase , N.A. designed to facilitate and ensure the continued uninterrupted operation of Exide's global business.

    The Honorable Judge Kevin J. Carey authorized the Company to access up to $395 million of the DIP Financing Facility -- the full $225 of the ABL revolving credit facility and $170 of the $275 term loan facility. It is contemplated that certain of the current holders of the Company's 8.625% Senior Secured Notes due February 1, 2018 will become lenders under the DIP Financing Facility. The Company's current asset based lending facility with outstanding obligations of approximately $160 million, will be paid off in full as a part of the new funding.

    A hearing to consider final approval of the DIP financing is scheduled on July 11, 2013 at 10:00 am EDT.

    In addition to the financing, the Company also received authorization to continue its employee wages and benefits according to their existing plans, ensuring that employees will continue to be paid according to schedule. The Company also received authorization to honor certain prepetition obligations to customers and to continue other customer programs including warranties, rebates, returns, refunds, exchanges, adjustments, promotions, credits, guarantees and all such other similar policies, programs and practices of the Debtors in the ordinary course of business on a post-petition basis.

    However what this also means is that as usual the common shareholders AKA us get screwed again and lose everything while management still gets paid, employees still get paid, customers still get paid, and its candy and nuts while we gets the butts.

    Sentiment: Strong Sell

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XIDEQ
0.20+0.01(+2.56%)11:53 AMEDT

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