A major trade finance partner of First Brands Group threatened its right to keep tapping cash made available to the bankrupt auto parts supplier, saying the value of some of its collateral has fallen below agreed-upon thresholds.
Boston-based Evolution Credit Partners on Tuesday asked a Texas bankruptcy judge to terminate First Brands’ access to certain cash collateral unless the company takes “curative actions.” The cash collateral has helped fund First Brands as it navigates Chapter 11.
In court papers, Evolution said the value of collateral First Brands holds at warehouses in California and Illinois has dipped below agreed-upon thresholds of ...
