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, creditors had been unwilling to provide fresh financing, leaving cash running short at the firm whose brands range from Anco and Trico wiper blades to Fram filters.
The bankruptcy petition shows a complex web of entities tied to First Brands that are based in several ...
