First Brands Wins Access to Last $600 Million of Emergency Funds

First Brands Group won access to $600 million of remaining bankruptcy financing, which company lawyers said was needed to prevent the company from immediately shutting down.

Judge Christopher Lopez approved the request on Friday during a bankruptcy hearing in Houston after First Brands restructuring advisers struck a series of settlements between the company and competing creditors. The funding represents the rest of the $1.1 billion financing offered by a group of company lenders.

First Brands lawyers warned that without the money, the auto-parts supplier risked shutting down and liquidating. The company won access after reaching a series of agreements that ...