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In re Exide Technologies
United States Bankruptcy Court for the District of Delaware
303 B.R. 48 (2003)
Exide Technologies (Exide) (debtor) was a battery manufacturer. Exide filed for reorganization under chapter 11 of the bankruptcy code. Exide wanted to confirm its reorganization plan over the objection of several parties, including the committee of unsecured creditors. Both Exide and the creditors’ committee offered valuations of the company to the court. The parties used the same valuation methods. However, because of differing assumptions and data inputs, the parties’ valuations were significantly different. Exide had made adjustments that attempted to reflect current market value, while the creditors’ committee had followed a more straightforward approach. Exide claimed the value was between $950 million and $1 billion, and the committee claimed the value was between $1.4 billion and $1.7 billion. The creditors’ committee argued that Exide undervalued the company with its calculations, and that the plan would pay certain creditors more than the full value of their claims at the unsecured creditors’ expense. Likewise, Exide claimed that the creditors’ committee had overvalued the company and that the plan was fair.
Rule of Law
Holding and Reasoning (Carey, J.)
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