Davis Polk advised the administrative agent and collateral agent under a $560 million superpriority debtor-in-possession credit facility to Exide Technologies and certain of its non-debtor subsidiaries, which was secured by collateral in the United States and 17 foreign jurisdictions and which was repaid in full in connection with Exide’s emergence from bankruptcy on April 30, 2015.

Exide Technologies, which together with its direct and indirect subsidiaries, has operations in more than 80 countries, is a global leader in stored electrical energy solutions and one of the world’s largest producers and recyclers of lead-acid batteries. Exide Technologies filed a voluntary petition for Chapter 11 protection on June 10, 2013, citing rising production costs and significant exposure to the recent downturn in European markets.

The Davis Polk insolvency and restructuring team involved in the repayment of the facility included partner Damian S. Schaible and associates Eli J. Vonnegut and Angela M. Libby. The credit team included partner Kenneth J. Steinberg and associates Stevan R.B. Nicholas, Daniel J. Amato and Skawenniio Barnes. All members of the Davis Polk team are based in the New York office.

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