SOUTHFIELD, MI — Federal-Mogul has filed a disclosure statement and an amended plan of reorganization with the U.S. Bankruptcy Court in Delaware.
Inundated with lawsuits from people claiming exposure to asbestos from products made by companies that Federal-Mogul later bought, the company filed for bankruptcy court protection in October 2001. The company has been working on plans to emerge later this year, under the control of a trust established to handle the asbestos claims.
The disclosure and plan were jointly filed with the Unsecured Creditors Committee, the Asbestos Claimants Committee, the Future Asbestos Claimants Representative, the Agent for the Prepetition Bank Lenders and the Equity Committee. Federal-Mogul said the amended joint plan of reorganization has the support of High River Limited Partnership, an entity that is affiliated with Carl Icahn.
A hearing to consider approval of the disclosure statement has been scheduled for April 13 and 14. Upon its approval by the court, the disclosure statement, along with the amended joint plan of reorganization, will be mailed to all creditors and stockholders in order to solicit their votes to accept the Plan.
For more information on Federal-Mogul, visit the company’s Web site: http://www.federal-mogul.com.
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