First Brands Files for Bankruptcy in Texas, Gets $1.1b DIP (1)

First Brands Group and certain of its affiliates have filed voluntary petitions for Chapter 11 relief in the US Bankruptcy Court for the Southern District of Texas, according to a statement.

• An ad hoc group of cross-holders has agreed to provide First Brands with $1.1 billion in debtor-in-possession financing that will be fully backstopped by certain members of the ad hoc group
  • DIP will provide the necessary capital for the company to maintain operations
• First Brands’ global operations are expected to continue without interruption during the chapter 11 cases
  • International operations are not part of the court-supervised financial restructuring process ...