An international motor components manufacturer has advertised in Ireland and more than 40 other countries to alert stakeholders, who may have been affected by asbestos through its products, about the company's financial restructuring.
Federal-Mogul Corporation, and T & N Limited, global suppliers of motor components and systems, have placed the advertisements to alert all shareholders and stakeholders about a restructuring, through chapter 11 regulations in the US.
The corporation owns companies such as Champion spark plugs and Ferodo, employs 45,000 people in 24 countries, and has more than 157 subsidiary or affiliate companies in Britain, with its partner company T & N Limited.
The corporation lists its Irish operation as Federal-Mogul Ireland Ltd, formerly Coopers' Automotive. A spokesman for the corporation was unable to state the how many claims it faced.
However, according to its own information, Federal-Mogul had only limited involvement with asbestos, but was "overwhelmed by asbestos litigation because of the historical involvement with asbestos of the companies acquired by Federal-Mogul over the years".
In 2001 it announced that to separate its asbestos liabilities from its "true operating potential", the company, its US and British subsidiaries had filed for financial restructuring under chapter 11 of the US Bankruptcy Code.
Federal-Mogul, T & N Limited and a number of affiliates are planning to create a trust to pay asbestos-related claims against them. If approved, the plan would release Federal-Mogul from liability for asbestos-related claims and claimants would instead receive a payment from the trust in settlement.
The plan has been filed in the US with a hearing in Trenton, New Jersey, in December to decide whether the plan should go ahead.
People with an asbestos-related claim against Federal-Mogul or its affiliate companies may be entitled to vote on the plan or object to it.
Further information is available from www.fmoplan.com
