First Brands Exposure of $1.75 Billion Hits Norinchukin JV
Norinchukin Bank outside the Otemachi One Tower building in Tokyo.
Photographer: Kiyoshi Ota/BloombergA joint venture between Norinchukin Bank and Japanese trading house Mitsui & Co. has $1.75 billion of exposure to bankrupt auto-parts supplier First Brands Group, court documents show.
A lawyer for Katsumi Global told a Texas bankruptcy judge last week that the venture extended trade financing for that amount to First Brands, according to a transcript of the Oct. 1 hearing filed in court late Wednesday.