First Brands files for U.S. bankruptcy protection

The First Brands Disaster Began With Business as Usual

When aftermarket auto parts supplier First Brands Group filed for bankruptcy on Sunday, detailing several billion dollars of financing related to invoices and inventory, my immediate reaction was: not again.

First Brands files for U.S. bankruptcy protection

First Brands Group, the U.S.-based parent company of several major automotive aftermarket brands, has filed for Chapter 11 bankruptcy protection as it contends with billions of dollars in debt amassed through a flurry of acquisitions. The move affects its U.S. business, with international operations said to continue uninterrupted. The Rochester Hills, Michigan-based supplier, which owns well-known names like Fram, Raybestos and Trico, filed its …

Raistone made vast majority of revenue from First Brands, sources say

Working capital platform Raistone earned the bulk of its revenue from First Brands Group, which filed for bankruptcy protection this week, GTR understands.  The New York-headquartered company has originated financing for First Group companies for several years, and multiple sources told GTR this week they understood the relationship made up as much as four-fifths of its income.  Raistone informed dozens of employees yesterday they were being lai…

First Brands Corp: Post Bankruptcy Developments

We are learning more about how the bankruptcy of First Brands is playing out and that is changing our assessment of the potential impact on the many BDCs involved.