First Brands Seeks to Resume Invoice Borrowing Amid Fraud Probe

Bankrupt auto supplier First Brands Group is seeking to raise new financing backed by receivables invoices, reviving a tool that was once crucial to its operations but also had a hand in its demise.

Lazard Inc., one of the company’s advisers, is running a process to determine potential providers of the funding, according to people familiar with the matter. Interested parties include senior lenders already leading a $1.1 billion bankruptcy loan to First Brands, the people said, asking not to be identified discussing private negotiations.

Any receivables financing facility would have certain controls on the cash flow from payments ...