U.S. battery maker Exide Technologies filed for chapter 11 protection today with the aim of cutting debt and implementing a restructuring plan to better compete in the market, Reuters reported today. Exide, which makes lead-acid batteries, said in the court filing that a combination of rising production costs, intense competition and the economic downturn in Europe had led to liquidity constraints. Exide estimated its liabilities at $1.14 billion and assets at more than $1.89 billion, according to the court filing. The case is Exide Technologies, Case No. 13-11482, U.S. Bankruptcy Court, District of Delaware.
