What is First Brands doing to get out of bankruptcy?

First Brands has launched a marketing and sale process for its business to emerge from Chapter 11 bankruptcy protection.

When did First Brands file for bankruptcy?

First Brands filed for Chapter 11 bankruptcy protection in September of last year.

What products does First Brands make?

First Brands manufactures automotive products including filters, brakes, and lighting systems.

Home / Business and Economy / First Brands Explores Sale Options to Exit Bankruptcy

First Brands Explores Sale Options to Exit Bankruptcy

8 Jan

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Summary

First Brands has launched a marketing process for its business.
The auto parts supplier filed for Chapter 11 bankruptcy protection.
The company aims to complete a sale in the first quarter.

First Brands Explores Sale Options to Exit Bankruptcy

First Brands, an auto parts supplier specializing in filters, brakes, and lighting systems, has officially begun a marketing and sale process. This move is part of its strategy to navigate and emerge from Chapter 11 bankruptcy protection, a status it entered last September.

The company has reportedly garnered interest from various potential strategic and financial buyers. First Brands has set an ambitious target to finalize this sale process by the end of the first quarter, indicating a focused effort towards restructuring.

In parallel, First Brands is engaged in discussions with a group of lenders to secure further debtor-in-possession financing. This financing is crucial for operations during the bankruptcy proceedings and is expected to pave the way for a 'stalking horse' bid on certain assets.

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