Exide Technologies has filed for protection against creditors in preparation for sale.
According to the Exide website, the company has announced “a comprehensive strategy to best position its businesses in North America, Europe, and Asia-Pacific to benefit its employees, customers, suppliers, and other stakeholders across the globe.”
The Milton, Georgia-based company and some of its U.S. subsidiaries have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
The company has separately reached an agreement to sell its EMEA and Asia-Pacific business to a group of its noteholders — subject to higher or better offers. This business is not included in the Chapter 11 proceedings and continues to operate as usual.
“These are important steps for our company, which will give both businesses the resources to invest in our employees, strengthen our market capabilities, and focus on customer success as we continue supplying high quality energy storage solutions,” a company release states.