First Brands Faces New Call for Outside Trustee to Manage SPEs

First Brands Group’s bankruptcy advisers are facing a new challenge that could impact how a potential restructuring of the auto parts supplier is carried-out.

UMB Bank contends First Brands’ new managers are unfairly favoring some lenders over others in an effort to send some of its $1.1 billion rescue financing to a German affiliate facing a cash crunch.