First Brands Creditor Seeks Investigation of ‘Vanished’ Cash

Raistone, a provider of short-term financing that worked on deals for First Brands Group, is demanding the appointment of an independent examiner for the business after alleging late Wednesday that as much as $2.3 billion has “simply vanished” from the bankrupt auto-parts supplier.

The request for appointment of an independent examiner follows an Oct. 2 email exchange in which a bankruptcy lawyer for First Brands told Raistone that advisers don’t know if the auto parts supplier has received an estimated $1.9 billion. The exchange followed First Brands’ initial court hearing in which the company won access to more than $1 billion in emergency financing to prevent the business from collapsing.