Battery Manufacturer Exide Technologies Files for Bankruptcy

Heavy-duty truck and automobile battery manufacturer Exide Technologies filed for bankruptcy after environmental regulators in California shut down one if its lead-recycling plants, Bloomberg News reported Monday.

The company listed debts of $1.14 billion and assets of $1.89 billion in its Chapter 11 filing, Bloomberg reported.

The lead-recycling plant was shut down in April by the California Department of Toxic Substances and Control, which said it did not comply with state health standards, according to Bloomberg.

According to the company's chief financial officer, Phillip Damaska, the plant shutdown and the company’s poor fiscal fourth-quarter performance made it apparent a successful Out-of-court restructuring was unlikely, Bloomberg reported.

The company has a short-term source for the lead it was getting from its California plant and is in the process of securing a long-term supply.