Exide Technology, which declared its second Chapter 11 filing on June 10, is using Sitrick and Company to map the 125-year-old battery maker’s comeback.
The Milton, Ga.-based company was hit by the rising cost of scrap lead used for its batteries and Wal-Mart’s decision to declare arch-rival Johnson Controls as its sole supplier of transportation batteries, which represents a potential $160M loss in annual sales.
The court has approved a $500M J.P. Morgan interim loan to Exide to fund operations.
James Bolch, Exide’s CEO, called that financing a "key linchpin to our go-forward strategy."
Exide employs 10K people in 80 countries. It declared its first Chapter 11 in 2002 and completed that restructuring two years later.
Sitrick's Brenda Adrian and Anita-Marie Laure are working the Exide comeback bid.
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