bankruptcy

Exide Technologies has filed for more time to discuss its bankruptcy restructuring plan with its bondholders.

Exide wants to extend through December 10 to negotiate its plans with unsecured creditors without the threat that creditors could file rival plans.

Exide’s disused lead-acid battery recycling plant in Baton Rouge, Louisiana, US is being demolished. The facility has sat idle since 2009 when Exide asked the local Department of Environmental Quality to pause production, a procedure that should begin the permanent closure of the plant.

Exide had to apply for extensions to remain out of action while economic conditions were unfavourable for operation. Extensions were granted in 2009, 10 and 11 but denied in 2012 because the company was unable to prove market conditions would become ripe for restarting the site within 12 months. The demolition begun at the end of October and is expected to be completed by December 1^st.