Finance Firm Raistone Cuts Workers After First Brands Collapse

Raistone, a short-term financing provider that worked on deals for First Brands Group, has notified dozens of workers that their jobs are being eliminated following the auto-parts supplier’s sudden collapse, according to people with knowledge of the matter.

New York-based Raistone told affected staff in a brief meeting on Tuesday that they were being let go as a direct result of financial struggles at First Brands, said the people, who asked not to be identified describing internal company deliberations.

A representative for Raistone did not respond to requests for comment.

First Brands, which owns car parts brands such ...