The Top Ten Newsmakers of 2007
For the fourth year in a row, the editorial staffs of aftermarketNews and Counterman magazine have selected 10 individuals who have made an impact on the industry this past year. The list is presented in alphabetical order.
Federal-Mogul Chapter 11 Exit Plan Days Away from Approval
The federal judge handling Federal-Mogul’s bankruptcy case said she will soon approve the company’s Chapter 11 exit plan, according to a report from the Associated Press (AP). Judge Judith Fitzgerald of the U.S. Bankruptcy Court in Wilmington, DE, plans to sign off on the plan within the next few days. Her ruling would then need to be reviewed and affirmed by New Jersey U.S. District Judge Joseph Rodriguez, who has final say in the case.
Lear Reports Favorable Second Quarter Results
Lear Corp. recently said net income for the second quarter increased sharply to $123.6 million, or $1.58 a share, compared with a loss of $6.4 million, or 10 cents a share, in the same period a year earlier. Lear’s second-quarter performance easily beat the 91 cent per share profit that analysts had expected and shares of Lear stock were up $1.20 or 3.7 percent to $34.59 last week.
Johnson Controls Posts Profit: Supplier Nets $396 Million in Third Quarter
As one of the most diversified and resilient companies in the turbulent auto industry, seat maker Johnson Controls Inc. has managed to keep posting record sales and profits. It did so again on Wednesday, but that wasn’t enough to keep the stock from tumbling. Between April and June, Milwaukee, WI-based JCI, which has its automotive headquarters in Plymouth, MI, reported net income of $396 million, or $1.98 per share, on sales of $8.9 billion. Both are record highs for JCI’s fiscal third quarter.
Federal-Mogul to Seek Court OK: Hearing Today is on Firm’s Bankruptcy Exit Plan
After spending nearly six years in bankruptcy protection to settle hundreds of thousands of asbestos lawsuits, Federal-Mogul Corp. is due in a Delaware court Monday for the last major hearing in its bankruptcy case. The Southfield, MI-based auto-parts maker will ask U.S. Bankruptcy Judge Judith Fitzgerald to approve its reorganization plan, putting the company on the path to exit bankruptcy.
Federal-Mogul Creditors Favor Chapter 11 Plan
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.
Lear Receives Acquisition Proposal from American Real Estate Partners
SOUTHFIELD, MI — American Real Estate Partners LP, an affiliate of Carl Icahn, has made an offer to acquire all of the issued and outstanding shares of Lear Corp. for $36 per share in cash. Any transaction would be subject to negotiation and execution of definitive documentation and other conditions. Lear’s Board of Directors is
Lear Completes Transaction to Issue $200 Million in Common Stock; Elects Vince Intrieri to Board of Directors
SOUTHFIELD, MI — Lear Corp. has completed a transaction to issue $200 million of common stock in a private placement to affiliates of and funds managed by Carl Icahn, following the receipt of regulatory clearance. Additionally, Lear’s Board of Directors has elected Vincent Intrieri to its board of directors, effective immediately. Vince Intrieri is a
BREAKING NEWS: Federal-Mogul Emerges from Chapter 11 in the U.S. and U.K.
Issued in a press release late this afternoon, Federal-Mogul Corp. announced the start of its emergence from Chapter 11. The company today filed form 8-K’s on the agreements summarized today in the U.S. Bankruptcy Court, which include a settlement agreement among the company, plan proponents and the U.K. administrators, to settle all outstanding matters in dispute among them. In addition, the Asbestos Committee also agreed that the Asbestos Trust would satisfy indemnification obligations to the company by delivering a portion of the Trust’s equity back to the company.
Jose Maria Alapont Chosen as President and CEO of Federal-Mogul
Federal-Mogul Corp. has just announced that Jose Maria Alapont has been chosen to be the new president and CEO of the company. The appointment was authorized by the court presiding over Federal-Mogul’s Chapter 11 proceedings. Alapont also will join the board of directors of Federal-Mogul. Alapont, who served as CEO of IVECO, the commercial vehicle company of the Fiat Group, will replace Robert “Steve” Miller, who has been serving as interim CEO of Federal-Mogul since January 2004. Miller will continue to serve as chairman of Federal-Mogul’s board of directors.