First Brands Seeks Retiree Committee as Wind-Down Plan Proceeds

Bankrupt auto-parts maker First Brands Group LLC moved to appoint a committee representing retired workers as it pursues a liquidation plan that won’t allow ongoing payment of retiree benefits.

The company is seeking the creation of a committee to discuss modifications to retiree benefit arrangements, according to a Tuesday filing in the US Bankruptcy Court for the Southern District of Texas.

First Brands said the committee must be formed immediately, since any delays could jeopardize the company’s ability to obtain court approval of its proposed liquidation plan. Delays would likely force the company to convert its Chapter 11 case to ...