C&D Technologies Inc. said stockholders approved a financial structuring that should allow the company to reduce its total debt to $50 million from about $175 million.
Under the plan, virtually all of the debt in two series of notes would be converted into C&D common stock. The Exton maker of industrial batteries said investors had submitted virtually all of the notes for the exchange, which will give them as much as 95 percent of C&D's outstanding stock by Dec. 31.
At a special meeting Monday, shareholders also authorized the company to enact a stock split.
The company was delisted in October from the New York Stock Exchange because it failed to meet minimums on market capitalization and share price.