Federal-Mogul Corporation Announces Date of Emergence from Chapter 11
Federal-Mogul Corporation (OTCBB: FDMLQ) announced that its Plan
of Reorganization is scheduled to become effective on December 27,
marking the Company´s emergence from Chapter 11.
Federal-Mogul´s Plan of Reorganization was confirmed by the U.S.
Bankruptcy Court on November 8 and affirmed by the U.S. District Court
on November 14. The Confirmation Order relating to the Plan has become
final and non-appealable.
"We are delighted to have reached this significant milestone in
Federal-Mogul´s 108-year history of serving the global automotive
industry. We are confident about our future and wish to acknowledge
the support and loyalty of our customers, suppliers and employees
worldwide," said Federal-Mogul Chairman, President and Chief Executive
Officer Jose Maria Alapont.
"The Company´s performance reflects the dedication of the
Federal-Mogul team, paving the way toward emergence from Chapter 11,"
Alapont said. "We are committed to our global strategy for sustainable
profitable growth, as we remain focused on creating value for our
customers through innovative technologies, leading products,
operational and service excellence, and best cost optimization in all
areas of our business."
The record date for holders of allowed claims and equity interests
under the Plan of Reorganization was November 8, 2007 and the
effective date of the Plan of Reorganization is scheduled for December
27, 2007. The full Plan of Reorganization and related Disclosure
Statement are available at the Company´s Web site,
www.federal-mogul.com.
About Federal-Mogul
Federal-Mogul Corporation is a leading global supplier, serving
the world´s foremost original equipment manufacturers of automotive,
light commercial, heavy-duty, agricultural, marine, rail, off-road and
industrial vehicles, as well as the worldwide aftermarket. The
Company´s leading technology and innovation, lean manufacturing
expertise, as well as marketing and distribution deliver world-class
products, brands and services with quality excellence at a competitive
cost. Federal-Mogul is focused on its global profitable growth
strategy, creating value and satisfaction for its customers, employees
and stakeholders. Federal-Mogul was founded in Detroit in 1899. The
Company is headquartered in Southfield, Michigan, and employs 45,000
people in 35 countries. Visit the company´s Web site at
www.federal-mogul.com.
Forward-Looking Statements
Statements contained in this press release, which are not
historical fact, constitute "Forward-Looking Statements." Actual
results may differ materially due to numerous important factors that
are described in Federal-Mogul´s most recent report to the SEC on Form
10-K, which may be revised or supplemented in subsequent reports to
the SEC on Forms 10-Q and 8-K. Such factors include, among others, the
cost and timing of implementing restructuring actions, the results of
the Chapter 11 and U.K. Administration proceedings, the Company´s
ability to generate cost savings or manufacturing efficiencies to
offset or exceed contractually or competitively required price
reductions or price reductions to obtain new business, conditions in
the automotive industry, and certain global and regional economic
conditions. Federal-Mogul does not intend or assume any obligation to
update any forward-looking statement to reflect events or
circumstances after the date of this press release.
Note to Editors: There should be an accent symbol over the "e" in
"Jose" above.