First Brands’ Official Creditor Committee Includes Top Foe
Autolite spark plugs, owned by First Brands, at an auto parts store in Provo, Utah.
Photographer: George Frey/BloombergThe official committee of unsecured creditors in First Brands Group’s insolvency case includes an affiliate to Raistone, one of the fiercest critics of the bankrupt auto-parts supplier, according to a Thursday court filing.
Raistone, which provides short-term financing and relied on First Brands for more than 80% of its revenue, has demanded a court-appointed examiner investigate First Brands, claiming in court papers that as much as $2.3 billion “simply vanished” from the company.