CREDIT DAYBOOK AMERICAS: First Brands Files for Bankruptcy

Auto-parts maker First Brands filed for Chapter 11 bankruptcy, capping weeks of turmoil sparked by creditor concern over its use of opaque off-balance sheet financing.

• The parent of brands including Anco and Fram listed liabilities between $10 billion and $50 billion in Sunday’s court documents, several days after bankruptcy filings by affiliated entities that First Brands had used to raise money
  • READ: Apollo Sidestepped Blacklist to Short Ailing First Brands’ Loans
• A notably slower primary market is expected this week for US corporate bonds, though rarely-reached issuance benchmarks could be topped before September ends on Tuesday
• The high-grade market is ...