Federal-Mogul Corporation Announces Confirmation of its Plan of Reorganization, Paving Way for Emergence from Chapter 11

Business Wire, Nov 8, 2007

SOUTHFIELD, Mich. -- Federal-Mogul Corporation (OTCBB:FDMLQ) is pleased to announce that the United States Bankruptcy Court, the Honorable Judith K. Fitzgerald presiding, has issued an order confirming the Company's Fourth Amended Joint Plan of Reorganization, on a wholly consensual basis without objections, paving the way for Federal-Mogul to emerge from Chapter 11.

The Company is now seeking the affirmation by the United States District Court, the Honorable Joseph H. Rodriguez presiding, which must also take place for the Company to emerge from bankruptcy.

Federal-Mogul voluntarily filed in 2001 for Chapter 11 in the United States and Administration in the UK in order to separate its asbestos liabilities from its true operating potential. These restructuring proceedings provided the Company the opportunity to emerge from bankruptcy as a leading global automotive supplier.

Chairman, President and Chief Executive Officer Jose Maria Alapont said emergence from Chapter 11 will be instrumental in the Company's drive to generate growth in key markets, and develop innovative technologies at competitive cost, creating value for its global customers.

"We thank our employees, customers and stakeholders for their continued support," said Alapont. "The Federal-Mogul team has been relentless in its dedication to service excellence, and remains focused on our successful operating performance and the implementation of our sustainable global profitable growth strategy."

About Federal-Mogul

Federal-Mogul Corporation is a leading global supplier, serving the world's foremost original equipment manufacturers of automotive, light commercial, heavy-duty, agricultural, marine, rail, off-road and industrial vehicles, as well as the worldwide aftermarket. The Company's leading technology and innovation, lean manufacturing expertise, as well as marketing and distribution deliver world-class products, brands and services with quality excellence at a competitive cost. Federal-Mogul is focused on its global profitable growth strategy, creating value and satisfaction for its customers, employees and stakeholders. Federal-Mogul was founded in Detroit in 1899. The Company is headquartered in Southfield, Michigan, and employs 45,000 people in 35 countries. Visit the company's Web site at www.federal-mogul.com.

Forward-Looking Statements

Statements contained in this press release, which are not historical fact, constitute "Forward-Looking Statements." Actual results may differ materially due to numerous important factors that are described in Federal-Mogul's most recent report to the SEC on Form 10-K, which may be revised or supplemented in subsequent reports to the SEC on Forms 10-Q and 8-K. Such factors include, among others, the cost and timing of implementing restructuring actions, the results of the Chapter 11 and U.K. Administration proceedings, the Company's ability to generate cost savings or manufacturing efficiencies to offset or exceed contractually or competitively required price reductions or price reductions to obtain new business, conditions in the automotive industry, and certain global and regional economic conditions. Federal-Mogul does not intend or assume any obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Note to Editors: There should be an accent symbol over the "e" in "Jose" above.