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It sounds like it, we won't know for sure until we see the plan of reorganization. I expect a large bounce. $$$$$$
Exide Technologies Enters Into Plan Support Agreement
Nov 04, 2014 19:59:00 (ET)
Exide Technologies Enters Into Plan Support Agreement
Proposed Plan Would Substantially Deleverage Company
MILTON, Ga., Nov. 4, 2014 (GLOBE NEWSWIRE) -- Exide Technologies (OTCQB:XIDEQ) (www.exide.com) (the "Company"), a global leader in stored electrical-energy solutions, announced today that it entered into a plan support agreement ("PSA") with holders of a majority of the principal amount of Exide's senior secured notes (the "Supporting Noteholders"). The PSA includes a detailed term sheet (the "Term Sheet") which describes a plan of reorganization (the "Plan"). Pursuant to the PSA, the Supporting Noteholders, who also hold a substantial majority of Exide's estimated $360 million DIP Credit Facility's term loan, have agreed to support the Plan which would deleverage the Company by more than $600 million and allow Exide to emerge from Chapter 11 substantially in its current form -- operating across all of its existing business segments.
Under the Plan, certain of the Supporting Noteholders have agreed to convert at least $100 million of their DIP facility claims into new second lien convertible debt and roll the balance of their DIP loans into a new exit term loan. The Plan also contemplates a new $175 million capital commitment to be raised in a rights offering made available to eligible holders of the Debtor's pre-petition 8.625 percent senior secured notes. There is substantial support among the Supporting Noteholders for entering into a backstop agreement for the new capital, and the Company continues to negotiate the terms of such an agreement with the hopes of finalizing it in the coming weeks.
In addition, Exide has initiated the sales process contemplated by the terms of Amendment No. 8 of its DIP facility, which the U.S. Bankruptcy Court approved on October 31, 2014, by soliciting potential interest from third parties for a sale of the Company's businesses. This dual-track process will allow Exide to ensure that it has explored opportunities to maximize estate value.
"The PSA is another significant, positive step forward in our restructuring process," said Robert M. Caruso, President and Chief Executive Officer of Exide Technologies.
The PSA and Term Sheet are conditioned upon the negotiation of, and agreement to, definitive documents (including a plan of reorganization, disclosure statement, backstop commitment agreement, and other related documents and agreements).
Exide's goal is to emerge from the Chapter 11 restructuring of its U.S. operations by March 31, 2015.
The Company will file a Current Report on Form 8-K with the U.S. Securities and Exchange Commission that attaches definitive copies of the PSA and Term Sheet. The Form 8-K and exhibits will be found at http://ir.exide.com/sec.cfm, and references herein to the PSA and Term Sheet are qualified in their entirety by reference to the full text of those documents.
About Exide Technologies
Exide Technologies, with operations in more than 80 countries, is one of the world's largest producers and recyclers of lead-acid batteries. The Company's global business groups provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications. Transportation markets include original-equipment and aftermarket automotive, heavy-duty truck, agricultural and marine applications, and new technologies for hybrid vehicles and automotive applications. Industrial markets include network power applications such as telecommunications,electric utilities, railroads, photovoltaic (solar-power related) and uninterruptible power supply (UPS), and motive-power applications including lift trucks, mining and other commercial vehicles.
Hey Cork, excides gonna pop. Psa is in.
Holey shit batman this is gonna pop.
If they cannot get DIP funding this puppy is done.
OMG
Sent my letter in today.
Hey Jax,
Long time, how is la vida loca treating you?
Is this turd warm? Merger, would be nice to see movement on this old dog.
omg
MODS STICKY THIS
Excellent post, I wanted to thank you for the information.
Hell yea,
Keep the faith
Mmmmmmmm, this could get interesting. Possible whale interest.
Seismic,
Would be nice to have several board members to help push the CRO. And give the BP lawyers a heads up that we are still here. I am in CA and in the bonds, I will help as I can.
Chevy56 is a straight shooter, his involvement would be a boost.
OMG
I nominate Rampant1.
Seriously, what whould it take for someone in Houston to be elected to the board?
It is just a thought.
omg
Not necessarily, I got in looking for a bounce if the judge allowed a equity committee. Then they pushed the court date out 2 months to October 22, I believe. I am looking for a bounce to get some free shares to ride it out to the end,
omg
Attention campers: Here is a copy of what I sent to the producers at 60 minutes. How about taking the time to do the same and possibly getting the producers attention.
60m@cbsnews.com
Dear Sirs,
There is a story that would fit well with the 60 minutes level of journalistic parameters that have made your show so sucessful. I am adding links to the pertinent information for you to look at to get a feel of the scope of the issues surrounding Fannie Mae and Freddie Mac the mortgage giants at the center of the latest economic recession. Please look at the information available and consider doing a story on what is currently at issue with these publicly owned companies.
Thank you,
http://nlpc.org/stories/2014/08/20/documents-reveal-government-saw-gold-fannie-maefreddie-mac-profit-sweep
http://www.nasdaq.com/article/fannie-and-freddie-made-51-billion-in-profit-and-shareholders-want-a-piece-of-it-cm382024
http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2429974
Your input is valued.
OMG
Seismic,
As always thank you for your efforts over time.
Can you give us the trustee's contact info again?
TIA
OMG
Excellent information, this board is getting interesting once you get past the nitwits and wongs.
There should be a hearing about forming a equity committee coming up. Looking for a bounce.
I sent the suggestion to them already, from experience the squeeky wheel gets the grease. If enough of us drops a note they may look into the issues presented by the lawsuits.
It will be if fanny and freddy hit $70.
Northern Ca. Russian river watershed.
Also the billing amounts almost seem reasonable!
I noticed the error also, some intern or associate had their ass handed to to them. Scadden is very good but they represent exide already. Any idea how they choose counsel?
Longtime lurker here.
How can I suggest a story to 60 MINUTES?
A. If you wish to bring a matter to the attention of 60 MINUTES, you may do so in writing via postal mail.
Please write to:
Story Editor
60 MINUTES
CBS News
524 West 57th Street
New York, NY 10019
60 MINUTES requests that all story suggestions be submitted in concise, written form.
Please do not send any original documents or additional materials that would need to be returned.
We receive a large number of story suggestions each week and cannot guarantee response or return of materials.
Alternately, you may send your request via email to 60m@cbsnews.com. If a 60 MINUTES producer does not
contact you directly within 4 to 5 weeks, you may assume that CBS News is not going to report your story.
Ok guys, here is contact information for 60 minutes. My thoughts are that there IS something we can do for our own cause. If we sent our well thought out and well presented reasons why the producers at 60 minutes should look into the FMCC and FNMA story for their program. The hope here is to get their attention and then do a story on our story here. After all the story here is amazing.
Lets do this.
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How far down the waterfall would you guess it will go?
tia
Hey cork,
What do you think of xideq?
TIA
It would be nice to have a idea what chapter 7 means to us.
I am hoping that no news is good news. The parties are working as we speak on a deal that the judge might approve.
Then again.....
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Right back at ya.
OMG
You would think with all those smart Texans and all those overpaid lawyers they would be able to figure this thing out....just saying.
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85 at $7.....wish it was $70
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Anybody have a idea how big the debt is on the orri and npi is worth?
TIA
omg
Is the sale going forward next Tuesday?
OMG
Great news... about time...actually they are late.
OMG
300+ million unsecured creditors
Orri and NPI debt on producing wells
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Rumor has it that Clipper comes online tomorrow.
EOM
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Hello....knock knock......any word on clipper?
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Oh boy let's throw some salt on it.
All is well on the left coast, bought a house with Chemtura cash and I am not doing much with stocks lately.
Still working wood?
Best to you Jax.
OMG
How might we expect to hear any news about clipper?
OMG
It's alive!!!
Good read, thanks.
In BK all bets are off, that said I would not be surprised if the orri and npi both have to take a haircut in order for the case to go forward. Most all the adversarial proceeding have to do with the royalties going out the door. Basically the judge said that the Gomez had to be shut in because he would not allow the royalties to be cash flow negative and drain the assets. He could put the orri and npi below the 2nd liens on the waterfall and force the cancellation of a lot of debt, this way everyone gets a haircut and the company moves forward.
This is just my thoughts, all the dip lawyers and bankers are a lot smarter than I am.
The clipper numbers should be interesting.
Court hearing today at 1:30p Central. (712)4323100 X 815978
OMG