Federal-Mogul Responds to Media Reports Regarding Reorganization
SOUTHFIELD, Mich., April 9 In response to various news reports today, Federal-Mogul Corporation has issued the following statement:
Federal-Mogul has not agreed to the terms of any plan of reorganization that would permit it to emerge from Chapter 11.
``We continue to work diligently with all parties involved in our restructuring, and we remain optimistic that with our leadership a consensual resolution can and will be reached,'' said Frank Macher, chairman and chief executive officer.
The Board of Directors and the management team remain in control of the company.