Federal-Mogul Corporation
FDML today announced that it has withdrawn its previously announced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.
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