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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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various jurisdictions in which it operates, the Debtor is required to maintain policies and

programs to provide Employees with workers’ compensation benefits. The Debtor’s primary

workers’ compensation insurance is provided by Zurich American Insurance Company under a

Case 13-11482 Doc 3 Filed 06/10/13 Page 57 of 73

58

high deductible program and is administered by TristarREM.43

In connection with the WC

Policy, the Debtor pays monthly premiums to March USA of approximately $978,300 (including

surcharges), which are subsequently disbursed to Zurich. The Debtor has also posted a letter of

credit in favor of Zurich, of which the amount outstanding is $20,868,000 for claim runoff

collateral. As of the Petition Date, approximately 300 claims were pending for which the Debtor

had reserved approximately $13,377,000.44

As administrator of the WC Policy, TristarREM

pays the total of all benefits, damages and expenses resulting from any accident or disease for

which the Debtor is legally liable. The Debtor reimburses TristarREM each month for all such

payments made on its behalf (up to the deductible and/or policy year limits).

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