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Exide Technologies' Chapter 11 Affidavit

Exide Technologies' Chapter 11 Affidavit

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Published by DealBook
The affidavit from Exide Technologies explaining why the car battery maker filed for Chapter 11 protection.
The affidavit from Exide Technologies explaining why the car battery maker filed for Chapter 11 protection.

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Categories:Types, Business/Law
Published by: DealBook on Jun 10, 2013
Copyright:Attribution Non-commercial

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06/10/2013

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Debtor maintained severance policies available to Employees upon termination. Currently, there

are approximately 78 former Employees, including 21 former Union Employees, who are

receiving payments due under the Severance Obligations. The approximate aggregate amount of

such severance benefits is $446,834. The Debtor believes that honoring the Severance

Obligations owed to the former Employees up to the priority cap who have already been

terminated prior to the Petition Date will minimize disruptions to Exide and smooth its transition

into bankruptcy.

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