Cooper Industries, Ltd.: Federal-Mogul Bankruptcy Confirmation Hearing Extended.HOUSTON -- Cooper Industries Cooper Industries NYSE: CBE is one of the oldest large companies in the United States, having been founded in 1833 as a partnership in Mount Vernon, Ohio. Incorporated in Ohio as The C. & G. , Ltd. (NYSE NYSE See: New York Stock Exchange :CBE CBE Commander of the Order of the British Empire (a Brit. title) CBE n abbr (= Companion of (the Order of) the British Empire) → tÃtulo de nobleza CBE n abbr (= ) today announced that the confirmation hearing to approve the Federal-Mogul Corp. bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most plan, which commenced on June 18, 2007, did not conclude. The judge overseeing the case has set aside July 9 and July 10 for the purpose of concluding the hearing. In 1998, Cooper sold its Automotive Products business, including its Abex Friction Products business, to Federal-Mogul. As part of the transaction, Cooper was indemnified for liabilities related to the divested business, pursuant to a Purchase and Sale Agreement. On Oct. 1, 2001, Federal-Mogul and several of its affiliates filed a Chapter 11 bankruptcy petition and indicated that Federal-Mogul may not honor its indemnity obligations to Cooper, including its obligations for claims related to the Abex Friction Products business. The Federal-Mogul Corp. bankruptcy plan incorporates the settlement reached by Cooper, Federal-Mogul and other parties to the bankruptcy proceeding to resolve Cooper's liabilities for the Abex Friction Products business, including the Abex asbestos-related claims. Further information about this is set forth in Cooper's Annual Report on Form l0-K filed with the Securities and Exchange Commission. About Cooper Industries Cooper Industries, Ltd. is a global manufacturer with 2006 revenues of $5.2 billion, approximately 85 percent of which are from electrical products. Incorporated in Bermuda with administrative headquarters in Houston, Cooper employs approximately 31,000 people and operates eight divisions: Cooper B-Line, Cooper Bussmann, Cooper Crouse-Hinds, Cooper Lighting, Cooper Menvier, Cooper Power Systems, Cooper Wiring Devices Cooper Wiring Devices is a division of Cooper Industries and provides a wide range of residential, institutional and industrial specification grade electrical devices for consumers and building contractors. External links
distributer, distributor . For more information, visit the website at www.cooperindustries.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion