Federal-Mogul Reorganization Plan Affirmed, Company to Emerge from Chapter 11
Federal-Mogul Corporation received confirmation of its Fourth Amended Joint Plan of Reorganization on Nov. 8 by the U.S. Bankruptcy Court, which will allow the company’s emergence from Chapter 11 before year end.
Federal-Mogul voluntarily filed in 2001 for Chapter 11 bankruptcy protection in the United States and Administration in the United Kingdom in order to separate its asbestos liabilities from its true operating potential.
“We are extremely pleased to have reached this significant milestone signaling the emergence of the company from Chapter 11 proceedings,” said Federal-Mogul Chairman, President and Chief Executive Officer José Maria Alapont. “The Federal-Mogul team worldwide is devoted to exceeding employee, customer and stakeholder expectations through service and operational excellence, leading technology and the company’s sustainable global profitable growth strategy.”
For more information about Federal-Mogul, visit www.federal-mogul.com