Federal-Mogul emerges from Chapter 11

SOUTHFIELD, Mich. — After seven years, Federal-Mogul Corp. announced it has emerged from Chapter 11 and begun 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 — a global supplier of automotive, light commercial, heavy-duty, agricultural, off-road and industrial vehicle equipment, has 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.”