Federal-Mogul Emerges From Chapter 11

January 02, 2008

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Federal-Mogul Corp. announced it has emerged from Chapter 11 on December 27, 2007, the effective date of its plan of reorganization.
"This is an especially exciting time for Federal-Mogul. We begin 2008 with confidence
in our future and we are well positioned with our global strategy for sustainable profitable growth," said Federal-Mogul President and Chief Executive Officer José Maria Alapont.
Federal-Mogul, pursuant to the plan, has issued 49.9 million shares of its Class A Common Stock and 50.1 million shares of its Class B Common Stock. The shares of Class A Common Stock were issued to holders of its pre-bankruptcy notes and certain other unsecured claims. Federal-Mogul intends in the near term to have its Class A Common Stock listed. The shares of Class B Common Stock were issued to the Federal-Mogul Asbestos Personal Injury Trust. The company has issued 6.9 million warrants to purchase shares of its Class A Common Stock to holders of its pre-bankruptcy common stock, preferred stock and convertible junior subordinated debentures.
Federal-Mogul has entered into a $3,500 million exit facility agreement, consisting of a $540 million revolving credit facility and a $2,960 million term loan credit facility.
"We have continued during the restructuring process to grow our business globally and have strengthened our financial performance," Alapont said. "The worldwide Federal-Mogul team is fully dedicated to exceed customer and market expectations by creating value through innovative technology, leading products and service excellence at competitive cost. We are pleased to emerge as a world-class, diversified global supplier."
Federal-Mogul is a global supplier, serving original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket.

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