At time of filing, the surplus of assets to liabilities was around $900M. Half that was gobbled up by DIP financing on a superpriority basis.
The E/ROW assets are not part of the debtor estate. Shareholders do own the net value of the E/ROW enterprise which also includes their debt and liabilities. In the decade since the prior restructuring, the E/ROW enterprise has delivered around $450M in net operating losses, a decline of possibly even graver dimension than that of the debtor. Many of the E/ROW assets appear to be encumbered; the details are uncertain due to sealing of numerous documents and hearings where such arrangements were finalized and court approved.
There is no increase in sales in any year-on-year report I have seen. The numbers in a debtor monthly operating report cannot be compared to the previous month's figures because of extreme seasonality in the battery business.
NOL's are only of value to a company that generates profits which they can offset. Sadly, that leaves Exide "out of the money" across the breadth of its enterprise. This is why the PoR addresses both capex and investment in new enterprise areas as requisite for a successful emergence. Continuing the largely unchanged operation of a company that perennially loses money before restructuring only ensures more of the same in the future. I am quite certain Judge Carey does not wish to emcee another Exide BK in another 10 years.
JMHO.
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