Federal-Mogul agrees deal in UK bankruptcy proceedings

Southfield, Michigan — Federal-Mogul Corp. has reached an agreement with the United Kingdom Administrators of its affiliates that will allow the Michigan-based automotive parts maker to retain those businesses.

Jose Alapont, Federal-Mogul president and ceo, said the agreement is a “major step” toward the company’s emergence from bankruptcy protection in a manner that separates its operating potential from its asbestos liabilities.

As part of the deal, Federal-Mogul retains the businesses and other assets of the affiliates in exchange for monetary amounts and reserves that will be used…

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