First Brands Exposure of $1.75 Billion Hits Norinchukin JV (1)

A joint venture between Norinchukin Bank and Japanese trading house Mitsui & Co. has $1.75 billion of exposure to bankrupt auto-parts supplier First Brands Group, court documents show.

A lawyer for Katsumi Global told a Texas bankruptcy judge last week that the venture extended trade financing for that amount to First Brands, according to a transcript of the Oct. 1 hearing filed in court late Wednesday.

The lawyer, Charles Kelley, said Katsumi is the buyer representative with respect to hundreds of thousands of purchased receivables. When First Brands filed Chapter 11 last month, Katsumi had roughly 210,000 outstanding purchased ...