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Federal-Mogul mulls T&N sale as 'market test' in pension flap.(News)(T and N PLC)
Business Insurance, September, 2004 by Kosdrosky, Terry
Byline: TERRY KOSDROSKY SOUTHFIELD, Mich.-Bankrupt auto supplier Federal-Mogul Corp. may put its T&N P.L.C. assets in the United Kingdom up for sale, at least to see what price they would fetch. The move came recently after the T&N pension trustee rejected a $130 million offer from the company's bondholders to fund the pension plan.
Federal-Mogul bondholders are led by financier Carl Icahn. The trustee, South Africa-based Alexander Forbes Ltd., said $130 million isn't enough and spurned the offer. Alexander Forbes said Federal-Mogul creditors should pay $416 million over eight years to ensure the plan's future, according to London press reports. Southfield, Mich.-based Federal-Mogul said a "market test'' of the British T&N business will show that the...
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