First Brands Group to Access $500 Million in DIP Financing

First Brands Group, a supplier of aftermarket automotive parts, received court approval to immediately access $500 million of $1.1 billion in debtor-in-possession financing from an ad hoc group of cross-holders.

• First Brands Group’s U.S. operations filed for Chapter 11 bankruptcy protection
• Company’s international operations, Novares North America, and Ultinon Motion businesses are not part of the financial restructuring process
• DIP financing will provide necessary capital for the company to maintain operations and meet commitments to customers and supplier partners
• First Brands Group received authorization to continue paying employee wages and benefits without interruption
• NOTE, Oct. 1, First Brands Gets ...