SOUTHFIELD, MICH., December 18 /CNW/ - 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
"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.
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.
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"
For further information:
For further information: Federal-Mogul Corporation Marie Remboulis,
248-354-9809 or Jennifer Rass, 248-354-7502