Is Exide Technologies Inc. watching its batteries drain, or is its bid for creditor protection in U.S. bankruptcy court providing the jolt it needs for a recovery?
After mounting losses and a reorganization plan that failed to halt slowing sales or shrink the $1.4 billion in debt it accumulated from years of acquisitions, CEO Craig Muhlhauser plans an ambitious reorganization under Chapter 11.
"Exide will look considerably different," Muhlhauser said of his plans to streamline operations at the world's largest lead-acid battery maker and a key supplier to the Chrysler group. He made his comments in an interview from the company's Princeton, N.J., headquarters.
Muhlhauser said he expects to hold on to the Chrysler group, Ford Motor Co. and other automaker customers while shrinking Exide in a bid to keep it from being dismantled and sold.