Icahn To Raise Funds For Federal-Mogul Recap

Law360, New York (June 12, 2013, 2:51 PM EDT) -- Carl Icahn is out raising new public funds to keep and possibly grow his stake in Federal-Mogul Corp., an auto parts maker he bought out of bankruptcy in 2007, according to a regulatory filing Wednesday.

Federal-Mogul launched a $500 million rights offering last week and will use the proceeds to pay down its $2.8 billion debt pile, which comes due over the next two years.

The billionaire, who owns 77.6 percent of the company, will buy enough shares to keep that stake, and has agreed separately...
To view the full article, register now.