First Brands Prepares Rushed Bankruptcy With No Set Plan (1)

Auto-part supplier First Brands Group LLC is preparing to enter bankruptcy with no restructuring plan in place, a sign of how quickly the company’s fortunes are unraveling, according to people familiar with the situation.

It’s unusual for companies as big as First Brands to file for Chapter 11 without a restructuring support agreement with lenders in hand. But the firm is running out of cash, and creditors have been unwilling to give it more money to keep its operations going without court protection, according to the people, who declined to be identified because the negotiations are private.

On Wednesday, a ...