Peopleflex

Implemented fresh start accounting; managed SEC reporting, month-end close, and financial planning and analysis by assisting with:

Accounting and Financial Reporting
Sarbanes-Oxley Compliance

Company Background:

Exide Technologies is one of the world's largest producers and recyclers of lead-acid batteries with operations in 89 countries and sales in excess of $2 billion.

Business Challenge:

Exide emerged from bankruptcy in 2003 facing exhaustive compliance, bank covenant, and SEC reporting requirements. The company also required assistance complying with Sarbanes-Oxley. With a depleted accounting staff, they needed resources that could help with various accounting functions during peak times.

Peopleflex Solution:

Peopleflex provided resources to help Exide meet key accounting needs including month-end close, SEC reporting, financial planning and analysis, and advice on accounting issues. We assisted with the implementation of fresh start accounting, including the fresh start footnote disclosure and the application of the recapitalization and debt forgiveness adjustments to the balance sheet. We supported 10-Q filings and bank covenants compliance reporting, which included participation from Treasury and Legal. We also provided expert audit professionals to support Lordi Consulting with its global SOX compliance efforts for the company, and helped identify and hire additional full-time accounting staff.

Value Delivered:

Our innovative staffing solutions have provided Exide with the resources and guidance they need to meet all their ongoing accounting and reporting needs.