Manufacturing Industry
Lawsuits push Federal-Mogul to Chapter 11.(Federal-Mogul Corp. enters Chapter 11 for protection from asbestos lawsuits)(Brief Article)(Statistical Data Included)
Plastics News, October, 2001 by Miel, Rhoda
Federal-Mogul Corp. has joined the growing list of companies entering Chapter 11 for protection from asbestos lawsuits. The Southfield, Mich.-based automotive supplier filed Oct. 1 for protection under Chapter 11 in U.S. Bankruptcy Court in Wilmington, Del., and entered Britain's equivalent administrative status under the United Kingdom Insolvency Act in London.
Chairman and Chief Executive Officer Frank Macher said the company will continue normal operations and has the financing to pay its bills to suppliers and vendors. ``Federal-Mogul will continue to serve its existing customers, fulfill current contracts and secure new contracts,'' Macher said in a news release. Its holdings include plastics processing for automotive lighting. The company does...
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