Federal-Mogul Delays Bankruptcy Exit

CHICAGO, Dec 6, 2004; Reuters reported that auto parts maker Federal-Mogul Corp. said today that it had postponed a hearing to confirm its plan to exit bankruptcy court protection that was to start on Thursday.

The company said it would move forward Thursday instead with an estimation of asbestos personal injury claims against the UK Debtors to make changes to the reorganization plan before starting the confirmation hearing.

Federal-Mogul, based in Southfield, Michigan, sought bankruptcy protection in October 2001 after it was hit with numerous asbestos lawsuits stemming from its acquisition of British piston maker T&N LLC in 1998.