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Battery maker Exide Technologies files for bankruptcy

U.S. battery maker Exide Technologies filed for Chapter 11 bankruptcy protection early on Monday, court documents showed, with the aim of cutting debt and implementing a restructuring plan to better compete in the market.

Exide estimated liabilities and assets of more than $1 billion dollars, according to the court filing.

The company said the Chapter 11 filing applies to the U.S. parent only.

The case is Exide Technologies, Case No. 13-11482, U.S. Bankruptcy Court, District of Delaware.

(Reporting by Sakthi Prasad in Bangalore; Editing by David Holmes)