SOUTHFIELD, Mich. – Federal-Mogul Corp. announced this week that a market-maker has received regulatory clearance to commence market making with respect to the transferrable subscription rights distributed in the company’s previously announced common stock rights offering.
Federal-Mogul stated that the subscription rights were expected to begin trading on or about June 26 on the OTC Bulletin Board under the symbol "FMOGR." Accordingly, in order to provide rights holders with additional time to transfer their subscription rights, the company has further extended the expiration date of its rights offering from July 1, 2013 to 5 p.m. Eastern Daylight Time on July 9, 2013.
The company added that, due to volatile market conditions, it continues to defer its debt refinancing activities. Federal-Mogul said it will continue to evaluate market conditions and other relevant factors in connection with the potential refinancing of all or a portion of the company’s outstanding indebtedness. However, no assurances as to the ultimate timing or terms of any such refinancing can be made.
