Exide Shareholders Lose Bid for Bigger Role in Bankruptcy
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Shareholders of Exide Technologies, the 125-year-old battery maker, are close to being wiped out and don’t need a court-approved committee to help them fight a reorganization plan that would pay them nothing, a judge said.
U.S. Bankruptcy Judge Kevin Carey ruled today that shareholders shouldn’t be given an official committee, with legal bills paid by Exide, because they didn’t present evidence that the company is worth enough to pay all its debts and still have something for them.