Federal-Mogul seeks bankruptcy protection
SOUTHFIELD, Mich. (Oct. 2, 2001) — Truck and auto component maker Federal-Mogul Corp. yesterday said it plans to file for Chapter 11 bankruptcy protection in order to seek shelter from a string of asbestos-related lawsuits
The filings give Federal-Mogul a chance to develop a plan to resolve its asbestos liabilities. During the restructuring, Federal-Mogul will continue business operations without interruption. No Federal-Mogul job losses or facility closures are expected as a direct result of the filings.
Federal-Mogul is one of more than 30 companies involved in asbestos-related litigation to voluntarily file for Chapter 11 since 1982. Ten companies involved in asbestos-related litigation have filed since Jan. 1, 2000.
Federal-Mogul divisions include some of the most recognized names in the automotive and truck component market, including Champion, Wagner, Fel-Pro, Anco, and Ferodo.
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