First Brands files for bankruptcy after weeks of lender scrutiny
Cleveland-based auto parts maker listed liabilities between $10 billion and $50 billion
First Brands Group Holdings has filed for Chapter 11 bankruptcy, capping weeks of turmoil sparked by creditor concern over the auto-supplier’s use of opaque off-balance sheet financing. A group of creditors are set to provide the company with $1.1 billion in debtor-in-possession financing to keep operations running, according to a statement Monday. Without court protection, […]
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