Federal-Mogul Complets Holding Company Transaction

Resource from: StreetInsider.com Likes:198

Apr 17,2014

Federal-Mogul Corporation (Nasdaq: FDML) announced it has completed a transaction to implement a holding company structure. Effective immediately, Federal-Mogul Corporation will be a wholly-owned subsidiary of "Federal-Mogul Holdings Corporation." The new structure will help to further facilitate the company's previously announced segmentation into two distinct divisions. Existing shares of common stock, warrants and stock appreciation rights ("SARs") of Federal-Mogul Corporation have been converted to identical shares of common stock, warrants and SARs of Federal-Mogul Holdings Corporation, as applicable, on a one-for-one basis. Existing shareholders and other equity holders of Federal-Mogul Corporation are now shareholders and equity holders of Federal-Mogul Holdings Corporation. No action is required by shareholders or equity holders as a result of this transaction. Shares of Federal-Mogul Holdings Corporation trade today on the NASDAQ Global Select Market under "FDML," the common stock symbol previously assigned to Federal-Mogul Corporation. Shareholders are not required to exchange their stock certificates as a result of the reorganization; the common stock and warrants CUSIP number remains unchanged. Federal-Mogul Holdings Corporation will assume all of the rights and obligations of Federal-Mogul Corporation under its existing $550 million revolving credit facility. Federal-Mogul Corporation will continue as the operating unit of Federal-Mogul Holdings Corporation, and all employment, customer and supplier contracts remain unchanged.

(StreetInsider.com)

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