Federal-Mogul Files Chapter 11 Petition

SOUTHFIELD, Mich. - Auto-parts maker Federal-Mogul Corp. has filed a voluntary petition for Chapter 11 bankruptcy citing the overwhelming financial burden of asbestos claims as its reason for seeking protection.

The Detroit-based company filed the petition early Monday morning in the U.S. Bankruptcy Court for the District of Delaware, and becomes one of more than 30 companies involved in asbestos-related litigation to file for Chapter 11 since 1982.

In addition, Federal-Mogul subsidiaries in the United Kingdom have filed jointly for Chapter 11 in the High Court of Justice, Chancery Division in London, England.

'Today's action provides a means for effectively …