Alvarez & Marsal

When battery manufacturer Exide Technologies ran into serious liquidity problems as a
result of a troubled acquisition strategy and downturns in the telecommunications sector and
economy in general, the company’s secured lenders hired Alvarez & Marsal as financial
advisor to advance the lenders’ financial interests. Drawing upon Alvarez & Marsal’s
deep-rooted and international operational expertise, the team worked to assess the viability
of Exide’s business plan. After quickly determining that the strategy was not executable in
time to avert a bankruptcy, Alvarez & Marsal worked closely with the banks to prepare
for the company’s filing. The Exide restructuring became one of the most protracted and
adversarial in recent times, culminating in a precedent setting valuation fight. Over the
course of the more than two-year process, Alvarez & Marsal managed the increasingly
complex situation, monitored Exide’s progress while in bankruptcy, reviewed the company’s
numerous operational plans and, ultimately, played a vital role in the development of the
final plan of reorganization, approved in April of 2004.