CREDIT DAYBOOK AMERICAS: First Brands Preps Bankruptcy Filing

Auto-parts supplier First Brands is preparing to file for bankruptcy as soon as next week and is looking to secure a loan of at least $1 billion to keep running while the firm reorganizes. Meanwhile, more junk-bond sales are expected after the busiest session in four years.

• Lenders have been discussing a debtor-in-possession loan of about $1.25 billion that would allow the company to continue operating after it makes a Chapter 11 filing, though the plans may change, people familiar with the negotiations said
  • Investor confidence in the company has rapidly deteriorated the past two weeks
• In the US ...