First Brands Lenders Allege ‘Widespread Fraud’ in Court Filing
First Brands-owned Trico wiper blades at an auto parts store in Memphis, Tennessee.
Photographer: Houston Cofield/BloombergA group of First Brands lenders have accused the auto parts supplier of “widespread fraud” and are seeking to end part of the auto parts supplier’s bankruptcy.
Lenders to certain First Brands-related special purpose vehicles said in a Thursday court filing that besides existing allegations that the company double-pledged assets, new information has come to light indicating the business “made misrepresentations in numerous financial statements, credit agreements, and borrowing base certificates.”