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00:02First Brands filed for bankruptcy after revealing over $10 billion in liabilities,
00:06according to Reuters. Companies expected to reveal a nearly $2 billion accounting
00:10irregularity under board investigation. The auto parts maker secured $1.1 billion in debtor and
00:15possession financing for First Lean lenders to state operations as it struggles with heavy
00:19debt for past acquisitions. Bankruptcies of First Brands and Tricolor Holdings have unsettled
00:24debt investors and fueled concerns about wider stress in corporate debt markets.
00:28A base company said its Chapter 11 cases apply only to U.S. operations,
00:33with global business expected to continue. The company listed liabilities of $10 billion to $50
00:37billion in assets of $1 billion to $10 billion in its petition.
00:41For all things money, visit Benzinga.com.
