Exide Technologies (NASDAQ: XIDE) announced today that the Company has secured from its bank group a Credit Agreement amendment and waiver related to a qualified going-concern opinion that was included in its 10-K Annual Report for the fiscal year ended March 31, 2005, which was filed today with the U.S. Securities and Exchange Commission. The going-concern opinion resulted in a default under the Company’s Credit Agreement and prevented Exide from borrowing under its Credit Agreement. With the amendment and waiver, the Company now has access to borrowings under its Credit Agreement. “We appreciate the rapid action by our bank group in addressing this issue so the Company can once again focus on running the business and meeting the expectations of our shareholders and customers,” said Gordon A. Ulsh, President and Chief Executive Officer.
Exide Technologies, with operations in 89 countries, produces and recycles of lead-acid batteries. The Company’s four global business groups – Transportation Americas, Transportation Europe and Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest of World – provide a comprehensive range of stored electrical energy products and services for industrial and transportation applications.
Loading...