Battery maker Exide files for bankruptcy
By Jonathan Sweet
June 10, 2013
Filed under News
Exide Technologies, which makes batteries for a variety of industries including marine, has filed for bankruptcy.
The Chapter 11 filing was caused mainly by losing a major contract to supply batteries to Wal-Mart that cost the company $160 million a year, the company said.
Exide said it had $1.14 billion in debt and assets of $1.89 billion in filing Monday in the U.S. Bankruptcy Court in Wilmington, Delaware. The company is seeking reorganization, not liquidation.