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Exide Technologies Plan Filed, Confirmed

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According to the U.S. Bankruptcy Court docket, Exide Technologies filed a Fourth Amended Chapter 11 Plan of Reorganization, under which the Debtor revised the Third Amended Plan to, among other things, reflect comments from parties in interest and provide additional information.

According to documents filed with the Court, “The Vernon Tort Claims Trust Assets shall be formed and initially funded promptly upon the later of the Bankruptcy Court’s approval of the Vernon Tort Claims Trust or the Effective Date, the with the contribution by the Debtor of Cash in the amount of $2,675,000 currently held as collateral in connection with Initial Carrier Policies; provided, however, that if XL does not release the collateral from which the Debtor will fund the Vernon Tort Claims Trust Assets, the Debtor or the Reorganized Debtor, as the case may be, shall be authorized to contribute Cash to fund the Vernon Tort Claims Trust.”

The Court subsequently confirmed the Fourth Amended Plan of Reorganization. This lead acid battery producer filed for Chapter 11 protection on June 10, 2013, listing $2.2 billion in pre-petition assets. Learn more about the XIDE bankruptcy.