It's an RF shield. If it is broken or exposed, you can pick up noise in that area. If you can, take some 22 ga. copper wire, solder to one end. Wrap the exposed inner insulator with the copper wire and solder to the other side. Cover with heat shrink.
1995 GT convertible - Laser Red (RIP, old friend)
1995 GT convertible - Black (Son's ride)
1966 GT Fastback under restoration- Code T Red
with White LeMans stripes.