First Brands Faces Liquidation Threat

First Brands Group is seeking court approval to access approximately $US600 million ($925 million) in bankruptcy financing to prevent the immediate shutdown of the auto-parts company. Lawyers for the firm argued during a court hearing in Houston that the funds, representing the remainder of a $US1.1 billion financing package, are crucial to the company’s survival. US Bankruptcy Judge Christopher Lopez previously authorised an initial $US500 million draw on the loan and is expected to rule on the current request. First Brands Group is a global automotive parts company that manufactures and distributes a wide range of products for the automotive aftermarket. The company provides replacement parts for cars, trucks, and other…