Federal-Mogul exits bankruptcy

Truck parts supplier Federal-Mogul Corp. has emerged from Chapter 11 bankruptcy protection and plans to embark on a global growth plan.

Truck parts supplier Federal-Mogul Corp. has emerged from Chapter 11 bankruptcy protection and plans to embark on a global growth plan.

“We begin 2008 with confidence in our future and we are well positioned with our global strategy for sustainable profitable growth,” said José Maria Alapont, Federal-Mogul president & CEO. “We have continued during the restructuring process to grow our business globally and have strengthened our financial performance.”

Federal-Mogul exited Chapter 11 on Dec. 27, 2007, issuing 49.9 million shares of Class A common stock to holders of its pre-bankruptcy notes and certain other unsecured claims, along with 50.1 million shares of Class B common stock. The company also has new credit lines totaling $3.5 billion, with a $540 million revolving credit facility and a $2.96 billion term loan credit facility, so it can repay other debts and move forward with its business plan.

TAGS: News
Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish