First Brands blamed its Chapter 11 filing on “geopolitical uncertainty and headwinds from newly imposed tariffs”. — Bloomberg
NEW YORK: A newly appointed First Brands Group LLC board committee is investigating the company’s use of roughly US$2.3bil in off-balance sheet financing, which fuelled investor concerns before the auto-parts supplier fell into bankruptcy.
The obligations were incurred by special-purpose vehicles connected to a subsidiary and involve the use of factoring, First Brands chief restructuring officer Charles Moore said in a Monday bankruptcy court filing.
