From The Wall Street Journal via MEMA Industry News
Federal-Mogul Corp. said its Chapter 11 plan received a 94 percent-or-better vote of support from 200 classes of creditors, an attorney for the auto-parts maker said. The company is poised for confirmation hearings on its Chapter 11 plan in U.S. Bankruptcy Court in Wilmington, DE.
Investor Carl Icahn, who owns a major debt stake in the company, is expected to own the reorganized Federal-Mogul, by way of a deal in which he will buy out equity earmarked for asbestos claimants under the Chapter 11 plan.
