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Last updated 5:00AM ET
March 8, 2021
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Federal-Mogul Corp.'s Bankruptcy
(wgvu) - Federal-Mogul Corp.'s chief executive
says life is back to normal for the auto supplier.
Jose Maria Alapont says Federal-Mogul is emerging from six years
of bankruptcy protection with strong finances, a good product mix
and the support of billionaire investor Carl Icahn (EYE'-kahn).
The Southfield-based company has 45,000 employees in 35
countries. It emerged from bankruptcy December 27th after filing
for protection in 2001.
It had faced 365,000 lawsuits seeking hundreds of millions of
dollars in damages stemming from asbestos liability claims.
The company had taken on the liability in 1998 when it bought
several companies facing their own asbestos claims.
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