Federal-Mogul Corporation : FEDERAL-MOGUL ANNOUNCES PLAN TO LAUNCH $500

         Equity Proceeds to Support Refinancing of Outstanding Debt

Southfield, Mich., May  28, 2013 ...  Federal-Mogul Corporation  (NASDAQ:FDML) 
today announced that it intends to launch a registered rights offering on June
7, 2013 and pursue  the refinancing of its  outstanding indebtedness. In  the 
rights offering, each stockholder as of 5:00 p.m. Eastern Daylight Time on the
record date of June  7, 2013 will  be issued, at  no charge, one  transferable 
subscription right  for  each  whole  share of  common  stock  owned  by  that 
stockholder on the  record date. As  described below, a  subsidiary of  Icahn 
Enterprises L.P., the Company's largest  stockholder, has agreed to  subscribe 
for its pro  rata share of  the rights offering  under its basic  subscription 
privilege and indicated its willingness to oversubscribe for additional shares
if necessary  for  a  successful  refinancing  of  the  Company's  outstanding 
indebtedness, subject  to availability  and  pro-rata allocation  among  other 
rights holders who have elected to exercise their oversubscription rights.

Each subscription right  will entitle a  shareholder to purchase  a number  of 
shares of the Company's  common stock at a  subscription price equal to  $9.78 
per share  (subject to  rounding  down to  avoid  the issuance  of  fractional 
shares) (the "basic  subscription privilege"). The  rights offering will  also 
include an over-subscription  privilege, which will  entitle stockholders  who 
exercise all of their subscription rights in the basic subscription  privilege 
the right  to  purchase  additional  shares of  common  stock  in  the  rights 
offering, subject  to availability  and pro  rata allocation  of shares  among 
rights holders exercising such over-subscription privilege.

The Company will offer a  number of shares of its  common stock in the  rights 
offering,  inclusive   of   the  over-subscription   privilege,   representing 
approximately $500 million of  gross proceeds. The Company  plans to use  the 
proceeds from  the rights  offering  to repay  a  portion of  its  outstanding 
indebtedness under  its existing  credit facility  and for  general  corporate 
purposes, including, but not limited to, operational restructuring actions.

In connection with the rights offering, the Company announced that it  entered 
into an investment agreement with IEH FM Holdings LLC ("IEH"), a subsidiary of
Icahn Enterprises L.P., the Company's largest stockholder of record. IEH  has 
agreed, among other things, to exercise  all of its subscription rights  under 
its basic subscription privilege in the rights offering pursuant to the  terms 
and conditions contained in that agreement.

The Company presently expects to begin distributing the subscription rights to
its stockholders under the  rights offering as  soon as practicable  following 
the record date.  The rights  offering will  terminate at  5:00 p.m.  Eastern 
Daylight Time, on  June 27,  2013, unless extended.  Holders of  subscription 
rights must exercise their rights prior to  that time and date if they  intend 
to participate in the rights offering.

The rights offering will be made pursuant to a shelf registration statement on
Form S-3 that was previously filed with the Securities and Exchange Commission
(the "SEC") and became effective on May 1, 2013. The rights offering will  be 
made solely by  means of a  prospectus and prospectus  supplement meeting  the 
requirements of the Securities Act of 1933,  as amended, to be filed with  the 
SEC. Additional information regarding the  rights offering will be set  forth 
in the prospectus supplement to be filed with the SEC.

Federal-Mogul also announced today that it is pursuing a potential refinancing
of  its  outstanding  indebtedness.  The  Company  expects  to  complete  its 
refinancing plans shortly after  the completion of  the rights offering.  The 
refinancing transactions will  be subject to  various factors and  conditions, 
including market conditions. No assurances can be given that the transactions
will be completed.

This press release shall not constitute  an offer to sell or the  solicitation 
of an offer to buy any securities, nor shall there be any offer,  solicitation 
or sale of securities in any state  in which such offer, solicitation or  sale 
would be unlawful prior to registration or qualification under the  securities 
laws of any such state.

About Federal-Mogul

Federal-Mogul Corporation  (NASDAQ:  FDML) is  a  leading global  supplier  of 
products and services to the  world's manufacturers and servicers of  vehicles 
and equipment  in the  automotive, light,  medium and  heavy-duty  commercial, 
marine,  rail,  aerospace,  power  generation  and  industrial  markets.   The 
company's  products  and  services  enable  improved  fuel  economy,   reduced 
emissions and enhanced vehicle safety.

Federal-Mogul operates two  independent business segments,  each with a  chief 
executive  officer   reporting   to  Federal-Mogul's   Board   of   Directors. 
Federal-Mogul's Powertrain Segment designs and manufactures original equipment
powertrain  components  and  systems   protection  products  for   automotive, 
heavy-duty, industrial and transport applications.

Federal-Mogul's Vehicle  Components  Segment  sells and  distributes  a  broad 
portfolio of products  through more  than 20  of the  world's most  recognized 
brands  in  the  global  vehicle  aftermarket,  while  also  serving  original 
equipment vehicle  manufacturers  with products  including  braking,  chassis, 
wipers and other vehicle components. The company's aftermarket brands  include 
ANCO^® wiper  blades;  Champion^®  spark  plugs,  wipers  and  filters;  AE^®, 
Fel-Pro^®, FP Diesel^®, Goetze^®, Glyco^®, Nüral^®, Payen^® and Sealed Power^®
engine products;  MOOG^®  steering  and suspension  parts;  and  Ferodo^®  and 
Wagner^® brake products.  Federal-Mogul was  founded in Detroit  in 1899.  The 
company employs 45,000 people in 34 countries, and its worldwide  headquarters 
is in Southfield, Michigan, United States. For more information, please  visit 

Forward-Looking Statements

Statements contained in  this press  release, which are  not historical  fact, 
constitute "Forward-Looking Statements." Actual results may differ  materially 
due to numerous important factors  that are described in Federal-Mogul's  most 
recent report to the SEC on Form 10-K, which may be revised or supplemented in
subsequent reports to the  SEC on Forms 10-Q  and 8-K. Such factors  include, 
among  others,  fluctuations  in  domestic  or  foreign  vehicle   production, 
fluctuations in the demand for vehicles containing our products, the Company's
ability to generate cost  savings or manufacturing  efficiencies to offset  or 
exceed contractually  or  competitively  required price  reductions  or  price 
reductions to obtain new business, conditions in the automotive industry,  the 
success of the  company's segmentation and  corresponding effects and  general 
global and  regional economic  conditions. Federal-Mogul  does not  intend  or 
assume any obligation to update any forward-looking statements.

CONTACT: Steve Gaut (248) 354-7826 for investor and media questions


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Source: Federal-Mogul Corporation via Thomson Reuters ONE
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