C & D Technologies Successfully Completes Debt-To-Equity Exchange Offer
C&D Technologies, Inc. announced that it has completed its debt-to-equity exchange offer, reducing the company’s total debt from approximately $175 million to $50 million and providing the company with an appropriate capital structure to continue to meet its obligations and execute its future business plans.
"Today begins a new chapter for C&D. We are very pleased that we were able to achieve our financial restructuring quickly and efficiently through this out-of-court process with minimal disruption to our business," said Dr. Jeffrey A. Graves, President and CEO. "The restructuring puts us on solid financial footing as we enter 2011 and it will allow us to take full advantage of our industry leadership position as our markets improve to pre-recession levels and we continue to grow our operations in Asia. C&D has been in business for more than 100 years and it is our goal to serve our customer’s needs, build value for our shareholders and provide a great place to work for our employees for the next 100 and beyond."