Exide creditors seek probe of possible scheme
Jan 29, 2014 | 06:08 PM
| Nathan Laliberte
NEW YORK Creditors of bankrupt battery maker Exide Technologies Ltd. are seeking to hire a consulting firm to help assess whether the company may have fallen victim to alleged price manipulation by the London Metal Exchange and large metal warehousing companies.
The Milton, Ga.-based company filed for Chapter 11 bankruptcy protection in June (amm.com, June 10), listing assets of about $1.89 billion and liabilities of around $1.14 billion. The company cited several factors that contributed to its declining earnings, including rising production costs, compressed margins, intense domestic competition, exposure to the struggling European market....
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