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Non-Tech : Federal-Mogul Corporation (FDMLQ) -- Ignore unavailable to you. Want to Upgrade?

To: accountclosed who wrote (24)	1/3/2001 10:01:05 AM
From: accountclosed	Respond to of 142

Federal-Mogul Expands Credit Facility SOUTHFIELD, Mich. (Reuters) - Auto parts maker Federal-Mogul Corp. (NYSE:FMO - news) said on Wednesday it expanded its credit line by $350 million in addition to its preexisting $1.7 billion senior credit facilities, a move it said will provide near-term financial flexibility. The amended and restated credit facility provides for a $200 million supplemental revolving credit line and a $150 million term loan. Federal-Mogul said it also secured about $200 million in European financing. ``With the new agreement, we have significantly increased our financial flexibility and eased the covenant restrictions on our existing credit facilities,'' Chairman and Chief Executive Robert Miller said in a news release. ``We have bought ourselves some time,'' he said. ``We can now focus on implementing our six global initiatives for operational improvement while working toward a more successful litigation environment or a legislative solution for our continuing asbestos situation.'' The company said the amended and restated credit facility expires in February 2004. http://dailynews.yahoo.com/h/nm/20010103/bs/autos_federalmogul_dc_1.html