SOUTHFIELD, Mich. (Aug. 27)—Federal-Mogul Corp. today said Citigroup Venture Capital Equity Partners L.P. has expressed an interest in making a $350 million equity investment in the company. Federal-Mogul, which has been in Chapter 11 bankruptcy since October 2001, today asked the U.S. Bankruptcy Court for the District of Delaware to approve an exclusive 90-day negotiating period and authorization to reimburse the equity group for fees and expenses it incurs in connection with due diligence of its business. If consummated, the investment would strengthen Federal-Mogul's balance sheet and enhance liquidity, Chip McClure, Federal-Mogul CEO and president, said in a written release.
Citigroup Venture Capital offers $350 million investment in Federal-Mogul
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