Settlement May End Federal-Mogul's Bankruptcy

Law360, New York (June 20, 2007, 12:00 AM EDT) -- A $10.5 million settlement over asbestos claims filed Tuesday might finally end the six-year bankruptcy proceedings of auto parts maker Federal-Mogul Corp.

The Michigan-based company was in the middle of the second day of presenting its fourth amended reorganization plan to Judge Judith Fitzgerald in the U.S. Bankruptcy Court for the District of Delaware when the settlement agreement was filed.

Federal-Mogul and 156 of its U.S. and U.K. subsidiaries filed for Chapter 11 in 2001 because of “excessive” litigation over asbestos liabilities mounting into the billions...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.