31st
August 2007 - Federal-Mogul
Receives Court Approval for $3.5 Billion Finance Package
On Wednesday the 29th of August 2007 the U.S.
Bankruptcy Court in Wilmington, Delaware issued approvals allowing Federal-Mogul
to sign loan-commitments with Citigroup and JP Morgan Chase & Co.
The $3.5 billion finance package is
designed to move the auto-parts maker out of Chapter 11 bankruptcy.
This financing will replace current bankruptcy loans.
Federal-Mogul has been in bankruptcy
protection since October 2001 as a result of asbestos liabilities.
Source: Various Sources