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Federal-Mogul Withdraws Refinancing, Related Equity Offering Plans

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Federal-Mogul Corporation (NASDAQ: FDML) today announced that it has withdrawn its previously announced plans to pursue an amendment to, and the extension of certain loans under, its existing credit facility.  As a result of the withdrawal of the financing plan, certain conditions set forth in an equity Investment Agreement with a subsidiary of Icahn Enterprises L.P. have not been satisfied and the agreement has been terminated in accordance with its terms.  No equity investment  has been or will be made under the Investment Agreement, nor did the company incur any termination fees in connection with the withdrawal of the financing plan or the termination of the Investment Agreement. Federal-Mogul retains ample liquidity, with cash on hand and borrowing availability in excess of $1 billion, and the company has no significant funded debt maturities until December 2014.  The company intends to take advantage of the favorable terms under its existing credit facility for the foreseeable future.

Posted-In: News Financing Offerings


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