Federal-Mogul Corporation announces effective date for resolution of UK Administrated Businesses.SOUTHFIELD, Mich. -- Federal-Mogul Corporation announced that the United Kingdom Administrated Company Voluntary Arrangements (CVAs) resolution became effective today. Federal-Mogul retains under the CVAs all of the UK Administrated businesses. The UK Administrated companies include activities in Europe, the Americas and Asia-Pacific. This completes a substantial portion of Federal-Mogul's global restructuring, which began on October 1, 2001, when the Company decided to separate its asbestos liabilities from its true operating potential by voluntarily filing for Administration proceedings in the UK and for financial restructuring in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. under Chapter 11 of the Bankruptcy Code Bankruptcy Code may refer to:
Federal-Mogul and the Plan Co-proponents in the U.S. are working to finalize the Amended Chapter 11 Plan of Reorganization, the Supplemental Disclosure Statement and a Supplemental Voting and Notice Procedures Motion that is expected to soon lead to emergence from bankruptcy. "We are pleased with the recent developments that bring the company closer to emergence from a complex bankruptcy proceeding," said Federal-Mogul Chairman, President and Chief Executive Officer Jose Maria Alapont. "We remain focused on our global profitable growth strategy to provide world-class products and services with leading technology and innovation that satisfy customer, employee and stakeholder stakeholder n. a person having in his/her possession (holding) money or property in which he/she has no interest, right or title, awaiting the outcome of a dispute between two or more claimants to the money or property. expectations." About Federal-Mogul Federal-Mogul Corporation is a leading global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty truck, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. . The Company's leading technology and innovation, lean manufacturing Lean manufacturing is the production of goods using less of everything compared to mass production: less human effort, less manufacturing space, less investment in tools, and less engineering time to develop a new product. expertise, as well as marketing and distribution deliver world-class products, brands and services with quality excellence at a competitive cost. Federal-Mogul is focused on its global profitable growth strategy, creating value and satisfaction for its customers, employees and stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. . Federal-Mogul was founded in Detroit in 1899. The Company is headquartered in Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. , and employs 45,000 people in 35 countries. Visit the company's Web site at www.federalmogul.com. Forward-Looking Statements 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 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 U.K. 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 The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , 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. Note to Editors: There should be an accent symbol over the "e" in "Jose" above. |
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