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Federal-Mogul Corp 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 on an amended plan of reorganization. This will be filed with the US 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. 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 Court has scheduled a hearing to approve the disclosure statement before the end of 2003. 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, the company will emerge with an appropriate capital structure protected from asbestos liability by a permanent channeling injunction, and will continue to be a leading global automotive supplier.
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