Exide Tumbles 48% as Debtwire Reports Restructuring Plan
This article is for subscribers only.
Exide Technologies, a maker of lead-acid batteries, dropped the most in almost nine years after Debtwire reported that it hired Lazard Ltd. and Akin Gump Strauss Hauer & Feld LLP to advise on a restructuring.
Exide sank 48 percent to $1.37 at the close in New York for the biggest one-day decline since April 21, 2004. The Milton, Georgia-based company has tumbled 60 percent this year.