Exide files for bankruptcy protection In Delaware WILLMINGTON, Del., June 10 (UPI) -- U.S. battery producer Exide Technologies filed for bankruptcy protection Monday, citing several causes, including the slowdown in Europe, court papers say. Exide, which makes car and truck batteries, earns 51 percent of its revenue in Europe, The New York Times reported. It has also had to shut down an important operation in California, a lead recycling plant that the state's Department of Toxic Substances Control said was not up to code. The price of scrap lead, which accounts for 40 percent of its production costs, has risen in the United States and the company has had difficulty on the sales end of the business, as its principal rival, Johnson Controls, outflanked Exide by gaining an exclusive contract with Walmart. Exide, which has $1.9 billion in assets and $1.1 billion in liabilities has about $83 billion in debt interest payments and maturing bond obligations due by the end of September. "Our restructuring will allow us to strengthen our balance sheet and complete the operational changes that build upon the strategies that we have been pursuing," said Chief Executive Officer James Bolch, in a statement. "Over and above these efforts, we intend to become even more aggressive in reducing costs, taking actions with respect to under-performing business segments and to focus on the most attractive areas for future growth," he said. The company has secured $500 million to allow normal operations to continue, the Times said.