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| Federal-Mogul to emerge from Chapter 11 provisions | |
27 December 2007 |
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US-owned automotive components group Federal-Mogul is scheduled to emerge after six years from Chapter 11 protection from bankruptcy today. The US courts agreed in November that the company would be released from Chapter 11 undertakings on 27 December. The group, which includes well-known trading names such as Ferodo and Champion, makes bearings and friction materials and employs 45,000 people in 35 countries. Federal-Mogul chairman, president and CEO José Maria Alapont said:
“We are delighted to have reached this significant milestone in
Federal-Mogul’s 108-year history. We are confident about our future
and wish to acknowledge the support and loyalty of our customers, suppliers
and employees worldwide.”
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