SOUTHFIELD, Mich., Nov. 3 /PRNewswire-FirstCall/ -- Federal-Mogul
Corporation (OTC Bulletin Board: FDMLQ) has reached an agreement with the
Unsecured Creditors Committee, the Asbestos Claimants Committee, the Future
Asbestos Claimants Representative, the Agent for the Prepetition Bank Lenders
and the Equity Committee (with Federal-Mogul Corporation, collectively, the
"Co-Proponents") on an amended plan of reorganization that will be filed with
the U.S. Bankruptcy Court in Delaware in its Chapter 11 reorganization case.
The agreement on the amended plan is consistent with the principal terms of
the plan filed with the Bankruptcy Court in March 2003.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000525/DETH025LOGO )
The next steps for the Co-Proponents will be completion of the
documentation of the amended plan and related disclosure statement and the
joint filing of those documents with the Bankruptcy Court. The Bankruptcy
Court has scheduled a hearing to approve the disclosure statement prior to
year-end.
Chip McClure, chief executive officer and president of Federal-Mogul
stated: "We will continue to work collaboratively with the other Co-Proponents
to emerge from Chapter 11 in mid-2004. Under the amended plan, Federal-Mogul
will emerge with an appropriate capital structure and protected from asbestos
liability by a permanent channeling injunction, and will continue to be a
leading original equipment and aftermarket global automotive supplier."
About Federal-Mogul
Federal-Mogul is a global supplier of automotive components, sub-systems,
modules and systems serving the world's original equipment manufacturers and
the aftermarket. The company utilizes its engineering and materials
expertise, proprietary technology, manufacturing skill, distribution
flexibility and marketing power to deliver products, brands and services of
value to its customers. Federal-Mogul is focused on the globalization of its
teams, products and processes to bring greater opportunities for its customers
and employees, and value to its constituents.
Headquartered in Southfield, Michigan, Federal-Mogul was founded in
Detroit in 1899 and today employs more than 46,000 people in 24 countries. On
October 1, 2001, Federal-Mogul decided to separate its asbestos liabilities
from its true operating potential by voluntarily filing for financial
restructuring under Chapter 11 of the Bankruptcy Code in the United States and
Administration in the United Kingdom. For more information on Federal-Mogul,
visit the company's Web site at http://www.federal-mogul.com .
Forward-Looking Statement
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 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.
SOURCE Federal-Mogul Corporation
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Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20000525/DETH025LOGO
PRN Photo Desk, +1-888-776-6555 or +1-212-782-2840
Related links:
http://www.federal-mogul.com
Company News On-Call:
http://www.prnewswire.com/comp/306225.html
CONTACT:
David Sherbin, +1-248-354-9924, or Marie
Remboulis, +1-248-354-9809, both of Federal-Mogul Corporation
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