SOUTHFIELD, MI — Federal-Mogul Corp. announced this morning that its Plan of Reorganization is scheduled to become effective on Dec. 27, marking the company’s emergence from Chapter 11.
The Michigan auto parts maker’s Plan of Reorganization was confirmed by the U.S. Bankruptcy Court on Nov. 8 and affirmed by the U.S. District Court on Nov. 14. The Confirmation Order relating to the Plan has become final and non-appealable.
"We are delighted to have reached this significant milestone in Federal-Mogul’s 108-year history of serving the global automotive industry. We are confident about our future and wish to acknowledge the support and loyalty of our customers, suppliers and employees worldwide," said Federal-Mogul Chairman, President and Chief Executive Officer Jose Maria Alapont.
"The company’s performance reflects the dedication of the Federal-Mogul team, paving the way toward emergence from Chapter 11," Alapont said. "We are committed to our global strategy for sustainable profitable growth, as we remain focused on creating value for our customers through innovative technologies, leading p rod ucts, operational and service excellence, and best cost optimization in all areas of our business."
The record date for holders of allowed claims and equity interests under the Plan of Reorganization was Nov. 8, and the effective date of the Plan of Reorganization is schedule to become effective on Dec. 27.
