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Federal Mogul looks to extend DIP facility, reduce size
New York, Aug. 8 - Federal-Mogul Corp. said it filed a motion with the U.S. Bankruptcy Court in Delaware to approve an amended and restated credit facility.
The new facility will expire on Feb. 6, 2005 instead of Sept. 30, 2003.
The size will be reduced to $600 million from $675 million. Of the new total, $350 million will be a revolver.
Also included in the amended facility are revised covenants to reflect changes in Federal-Mogul's business.
JP Morgan Chase is administrative agent for the Southfield, Mich. auto parts company's new facility.
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