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December 20, 2007 |
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FEDERAL-MOGUL: Plan's Effective Date Set for December 27 Federal-Mogul Corporation disclosed that its Plan of Reorganization is scheduled to become effective on Dec. 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. As previously reported in the Troubled Company Reporter, the Honorable Judith K. Fitzgerald of the U.S. Bankruptcy Court for the District of Delaware confirmed the Debtors' Fourth Amended Joint Plan of Reorganization, on Nov. 8, 2007. The Honorable Joseph H. Rodgriguez of the U.S. District Court for the District of Delaware affirmed on November 13, 2007, the order of Judge Fitzgerald, confirming the Plan. "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 Nov. 8, 2007 and the effective date of the Plan of Reorganization is scheduled for Dec. 27, 2007. About Federal-Mogul Federal-Mogul Corporation -- http://www.federal-mogul.com/ -- (OTCBB: FDMLQ) is a 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. Founded in Detroit in 1899, the company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Aside from the U.S., Federal-Mogul also has operations in other locations which includes, Mexico, Malaysia, Australia, Belgium, China, India, Japan, Korea, Poland, Thailand, United Kingdom, among others. The Company filed for chapter 11 protection on Oct. 1, 2001 (Bankr. Del. Case No. 01-10582). Lawrence J. Nyhan Esq., James F. Conlan Esq., and Kevin T. Lantry Esq., at Sidley Austin Brown & Wood, and Laura Davis Jones Esq., at Pachulski, Stang, Ziehl & Jones, P.C., represent the Debtors in their restructuring efforts. When the Debtors filed for protection from their creditors, they listed US$10.15 billion in assets and US$8.86 billion in liabilities. Federal-Mogul Corp.'s U.K. affiliate, Turner & Newall, is based at Dudley Hill, Bradford. Peter D. Wolfson, Esq., at Sonnenschein Nath & Rosenthal; and Charlene D. Davis, Esq., Ashley B. Stitzer, Esq., and Eric M. Sutty, Esq., at The Bayard Firm represent the Official Committee of Unsecured Creditors. On March 7, 2003, the Debtors filed their Joint Chapter 11 Plan. They submitted a Disclosure Statement explaining that plan on April 21, 2003. They submitted several amendments and on June 6, 2004, the Bankruptcy Court approved the Third Amended Disclosure Statement for their Third Amended Plan. On July 28, 2004, the District Court approved the Disclosure Statement. The estimation hearing began on June 14, 2005. The Debtors submitted a Fourth Amended Plan and Disclosure Statement on Nov. 21, 2006, and the Bankruptcy Court approved that Disclosure Statement on Feb. 6, 2007. The Bankruptcy Court confirmed the Fourth Amended Plan on Nov. 8, 2007. |
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