First Brands Wins Access to Last $600 Million of Emergency Funds
Bottles of Fram advanced full synthetic motor oil, owned by First Brands, at an auto parts store in Provo, Utah.
Photographer: George Frey/BloombergFirst Brands Group won access to $600 million of remaining bankruptcy financing, which company lawyers said was needed to prevent the company from immediately shutting down.
Judge Christopher Lopez approved the request on Friday during a bankruptcy hearing in Houston after First Brands restructuring advisers struck a series of settlements between the company and competing creditors. The funding represents the rest of the $1.1 billion financing offered by a group of company lenders.