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Curse of Vernon hangs of Exide bankruptcy exit

Fri, 11/21/2014 - 12:09 -- Anonymous
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Exide Technologies Inc has produced its Chapter 11 bankruptcy exit plan that spells how it plans to be clear of its burden by March 2015. It needs $175m in new investment as well as complicated debt for equity swaps with major lenders but much hinges on the troubled Vernon California plant.

This has already cost it $69m since April and could cost another $98m more over the next few years if it is allowed to re-open. No calculation is given as to what it would cost to get lead from elsewhere.

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Deadline set for Exide’s Vernon smelter permit

Fri, 10/10/2014 - 10:10 -- Anonymous
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California has set a deadline for the Department of Toxic Substances Control (DTSC) to make a decision on whether to issue a final permit to Exide’s beleaguered Vernon lead smelter.

The Vernon plant has been operating on a temporary permit for decades but a new bill signed by California Governor Jerry Brown requires that the DTSC make its decision by December 31, 2015.

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Exide slapped with subpoena in connection with Vernon plant

Tue, 08/19/2014 - 17:02 -- Anonymous
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Exide Technologies has been hit with a grand jury subpoena in connection with a criminal investigation involving its Vernon lead-recycling plant in California.

In a filing with the Securities and Exchange Commission, Exide revealed the August 8 subpoena seeks "documents relating to materials transportation and air emissions." Exide itself and "certain unidentified individuals" are targets of the investigation" being conducted by the Justice Department in the Central District of California.

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Exide wants more time to define bankruptcy restructuring

Tue, 08/05/2014 - 10:35 -- Anonymous
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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.

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Exide gains permission to reopen Californian lead smelter under condition

Tue, 07/15/2014 - 10:05 -- Anonymous
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California's South Coast Air Quality Management District (AQMD) Hearing Board has given Exide permission to reopen its Vernon lead smelter after the company installed environmental protections.

The protections include air quality control equipment that monitors arsenic emissions and stops lead-contaminated dust from being released during upgrades. Exide is also obliged to submit monthly status reports to the AQMD Hearing Board.

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Exide ordered to cut production at Vernon plant after breaching lead emissions limits

Thu, 09/26/2013 - 12:25 -- Anonymous
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Exide has been ordered to reduce output at its secondary lead smelter plant in Vernon, California by 15% after breaching lead emissions limits.

California’s South Coast Air Quality Management District (AQMD) sets a limit of 0.15 mg/m3 of air based on a 30-day average. A high reading at Vernon on 9 September led to Exide hitting an average reading of 0.17 mg/m3.

AQMD has ordered Exide to reduce production by 15% until it can prove its lead emissions have fallen below legal limits. Exide does not use advanced wet electrostatic precipitators to reduce emissions as employed by Quemetco at their California facilty.

An AQMD spokesman told AMM.com: “The bottom line is Exide has to reduce their air toxic emissions, specifically lead and arsenic.” Exide did not offer a comment.

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