First Brands Group has filed for chapter 11 bankruptcy, capping weeks of turmoil sparked by creditor concern over the auto parts supplier’s use of opaque off-balance sheet financing.
The Cleveland-based company listed liabilities between $US10 billion and $US50 billion ($15 billion and $76 billion), and assets between $US1 billion and $US10 billion, according to its September 28 filing in the Southern District of Texas.
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Bloomberg