Exide Technologies Files for Chapter 11

Exide Technologies Inc., the world’s largest automotive battery maker, said it filed for Chapter 11 bankruptcy protection, weighed down by debt incurred from an acquisition spree and a slowing auto industry.

The Princeton, N.J., company said it had arranged $415 million in new financing, including $250million in debtor-in-possession financing from Citicorp USA Inc. and other banks. It also includes $165 million in financing by Citibank Inc. and other banks for its units outside the U.S., which are not included in the bankruptcy filing.

The company, whose battery brands include Champion, Exide and Orbital, was delisted from the NYSE on Feb. 11.