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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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maintains in current effect numerous insurance policies providing coverage for, among other

Case 13-11482 Doc 3 Filed 06/10/13 Page 55 of 73

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things, general liability, workers’ compensation, directors and officers liability, umbrella liability,

automotive liability, pollution and remediation, crime, special risk, fiduciary liability, legal

liability, property, and nuclear liability. The Insurance Policies are essential to the preservation

of the value of the Debtor’s business, property and assets. Not only are some of the Insurance

Policies required by various regulations, laws, and contracts that govern the Debtor’s commercial

activities, I have been advised by counsel that section 1112(b)(4)(C) of the Bankruptcy Code

provides that “failure to maintain appropriate insurance that poses a risk to the estate or to the

public” is “cause” for mandatory conversion or dismissal of a chapter 11 case.

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