First Brands Says It Needs $600 Million or ‘It’s Game Over’
Autolite spark plugs, owned by First Brands, at an auto parts store in Provo, Utah.
Photographer: George Frey/BloombergFirst Brands Group lawyers said the auto-parts company needs access to its roughly $600 million of remaining bankruptcy financing or it will have to shut down immediately.
That request, made during a Thursday court hearing in Houston, represents the rest of the $1.1 billion financing being offered by a group of First Brands lenders. US Bankruptcy Judge Christopher Lopez last month authorized the company to make an initial $500 million draw on the loan, and a hearing to consider the current request will continue Friday.