Parts supplier Federal-Mogul Corp. announced Jan. 2 that it has emerged from Chapter 11 bankrupcy-court after more than seven years. The Southfield, Mich.-based company, which declared bankruptcy in October 2001, said that it emerged from Chapter 11 protection on Dec. 27 and plans a public listing of its shares.
“We begin 2008 with confidence in our future, and we are well positioned with our global strategy for sustainable profitable growth,” says Jose Maria Alapont, chief executive officer of Federal-Mogul, which was founded in 1899 and employs 45,000 people in 35 countries.
As part of its reorganization plan, Federal-Mogul issued 49.9 million Class A common shares to holders of its pre-bankruptcy notes and certain other unsecured claims; it also issued 50.1 million Class B common shares. The company says it intends in the near term to have its Class A stock listed.