Judge rejects First Brands’ plan to pay down debts by pursuing lawsuits

Judge rejects First Brands’ plan to pay down debts by pursuing lawsuits

By Dietrich Knauth NEW YORK, Aug 24 (Reuters) - A U.S. bankruptcy judge on Monday rejected auto parts maker First Brands' proposal to pay back creditors by pursuing litigation against insiders, instead converting the case to a more ​straightforward Cha...

First Brands to Wind Down After Judge Rejects Bankruptcy Plan

The auto parts supplier’s Chapter 11 case will convert to a Chapter 7 liquidation after a federal judge rejected its proposed creditor repayment plan, bringing First Brands’ nearly yearlong bankruptcy process toward a close.