First Brands Probes Billions of Off-Balance Sheet Financing

First Brands Collapse Renews Concerns Over Murky Trade Finance

When the auto parts supplier First Brands Group filed for bankruptcy on Sunday, one name popped up in the documents again and again: Raistone.

First Brands Probes Billions of Off-Balance Sheet Financing

The financing fueled investor concerns before the auto parts supplier fell into bankruptcy.

First Brands faces investigation into double financing of receivables, inventory

An independent investigation into First Brands Group’s bankruptcy is probing whether receivables may have been financed multiple times, after the company accrued US$2.3bn in factoring liabilities.   US car parts supplier First Brands filed for bankruptcy in Texas on September 28, leaving a group of supply chain finance funders facing exposures of hundreds of millions dollars.   Later court filings show First Brands Group companies owe around US$…

First Brands bankruptcy: the losers — and winners

Car parts group’s collapse has left creditors and others exposed — but some spied an opportunity in the chaos