News Summary: Exide seeks Chapter 11 protection
News Summary: Battery maker Exide Technologies seeks Chapter 11 bankruptcy protection
THE FILING: Battery maker Exide Technologies said Monday it is seeking Chapter 11 bankruptcy protection as it attempts to restructure its U.S. business and strengthen its balance sheet.
WHAT IT COVERS: The Milton, Ga., company said its international operations are excluded from the filing, which it made Monday in U.S. Bankruptcy Court in Delaware.
ABOUT EXIDE: The company makes batteries for vehicles and also provides stored electrical energy services for industrial applications. It said a highly leveraged balance sheet has limited its ability to invest in its businesses, and unprecedented increases in product costs have hurt its profitability.
