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XIDEQ > SEC Filings for XIDEQ > Form 8-K on 9-Apr-2014All Recent SEC Filings

Show all filings for EXIDE TECHNOLOGIES



Other Events

Item 8.01 Other Events.

Attached as Exhibit 99.1 is a press release dated April 8, 2014, regarding operations at the Company's Vernon, California recycling facility. On January 10, 2014, the South Coast Air Quality Management District ("SCAQMD") adopted an amended rule that contains new emissions and equipment requirements with varying compliance dates, including an April 10, 2014 deadline that would require the Company to operate the furnaces at its Vernon, California recycling facility under continuous negative pressure ("Rule 1420.1").

On February 7, 2014, the Company initiated two separate proceedings: (1) a Petition for Variance before the SCAQMD Hearing Board, requesting a delay of the negative pressure requirement until December 31, 2014, and (2) a Writ of Mandamus in Superior Court of Los Angeles County, seeking to invalidate the negative pressure requirement of Rule 1420.1. Additionally, on February 21, 2014, the Company filed a request for a preliminary injunction that would temporarily suspend the April 10, 2014 deadline until such time as the Superior Court could conduct a trial on the Writ of Mandamus.

On April 7, 2014, the Los Angeles County Superior Court denied the Company's preliminary injunction. Additionally, on April 8, 2014, the SCAQMD Hearing Board denied the Company's variance request. As a result of these two decisions, the Company is prevented from fully operating the Vernon facility until such time as it can design, engineer, permit, install and test new equipment needed to achieve the standard. The Company currently estimates the full operation of the furnaces under continuous negative pressure will not occur until December 2014 should the Company decide to proceed.

As Exide continues to evaluate the Company's alternatives regarding future operations at the Vernon, California recycling facility, the Company is establishing arrangements with third party recyclers to provide tolling and is also negotiating additional purchases to satisfy lead requirements, both of which will allow the Company to continue operations in the ordinary course. The Company currently estimates that the negative annual earnings impact from the alternative lead supply is in the range of $15 to $38 Million, depending upon the source of supply. However, the Company cannot be certain whether these rulings will have any further adverse impacts on its business, financial condition, cash flows, and results of operations.

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