Federal-Mogul Defers Refinancing, Extends Rights Offering Expiration Date - aftermarketNews

Federal-Mogul Defers Refinancing, Extends Rights Offering Expiration Date

Federal-Mogul announced today that, due to volatile market conditions, the company intends to defer refinancing activities.

SOUTHFIELD, Mich. – On June 7, Federal-Mogul Corp. commenced a common stock rights offering and also at that time, initiated discussions with potential financing sources regarding the refinancing of its outstanding indebtedness. At the time, the company expected that the refinancing would be completed shortly after the completion of the rights offering. However, Federal-Mogul announced today that, due to volatile market conditions, the company intends to defer the refinancing activities.  
 
Federal-Mogul says 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. There can be no assurances as to the ultimate timing or terms of any such refinancing.
 
The completion of the company’s rights offering is not conditioned upon the completion of the refinancing. However, the company has determined, in light of the deferral of the refinancing, to offer rights holders the ability to withdraw the exercise of any previously exercised subscription rights and to extend the expiration date of the rights offering from June 27, 2013, to 5 p.m. EDT on July 1, 2013.
 
The rights are transferrable and, with respect to trading, the company understands that actions have been taken by a market-maker to list the rights on the OTC Bulletin Board. Any questions regarding the rights offering should be directed to D.F. King & Co. Inc., the Information Agent for the rights offering, by calling 1-800-901-0068 (toll-free) or 1-212-269-5550 (collect), or Computershare Trust Company, N.A., the Subscription Agent for the rights offering, by calling 1-800-546-5141.
 

You May Also Like

Dana Participating in Easter Jeep Safari

The event will take place in Moab, Utah, March 23-31.

Dana to Participate in Easter Jeep Safari 2024

Dana Incorporated will participate in Easter Jeep Safari 2024, held March 23-31 in Moab, Utah. Dana products will be on site and available for demonstrations.

“At Dana, we are committed to rigorously testing and validating our products in the most challenging conditions to guarantee superior quality, durability, and performance,” said Bill Nunnery, senior director, sales and marketing, global aftermarket for Dana. “Easter Jeep Safari features rugged trails that offer us an ideal terrain for product trials. The event also gives us the opportunity to engage with Jeep enthusiasts and understand how we can enhance their off-road experiences through vehicle customizations.”

ZF Aftermarket Releases 80 New Parts

The latest additions expand coverage to more than 5 million vehicles in operation.

ZF Aftermarket Releases 80 New Parts
Schaeffler Highlights ESG Progress in 2023 Sustainability Report

Schaeffler is currently focusing on seven key ESG goals in the implementation of its sustainability strategy.

Schaeffler 2023 Sustainability Report
CMA, DoubleCoin to Showcase Long-Haul Steer Tires at MATS

Company reps will be on-site to answer questions, schedule meetings and coordinate a raffle of outdoor sporting equipment in booth #11140.

tire-distribution-outlook-tire-rack
GB Reman to Host Jackpot Giveaway Winner at Long Beach Grand Prix

Jon Hetzel, owner of Hesski ServiCenter in Levittown, Pennsylvania, will join GB Reman in the company’s hometown next month

GB Reman to Host Jackpot Giveaway Winner at Grand Prix of Long Beach

Other Posts

Bendix Surpasses Worker Safety Goals

Bendix says its Total Case Improvement Rate improved since 2022.

Bendix Announces Worker Safety Statistics
New Rislone ‘DEF Crystal Clean’ Clears P20EE Codes

The product scrubs away crystal contaminants from the selective catalytic reduction systems of diesel cars, trucks and SUVs.

New Rislone DEF Crystal Clean Diesel DEF & SCR Emissions System Cleaner Announced
SMP Announces New Oil Filter Housing Kits

The kits feature multiple design improvements to prevent leaks, according to SMP.

SMP Announces New Oil Filter Housing Kits
NTK Technologies Announces Merger into Niterra North America

The merger will take effect on April 1, and NTK Technologies will begin operating under Niterra North America Inc.

Niterra Merger