First Brands debt plunges as worries mount over US car parts group
Loans trade at distressed levels after ‘chaotic’ selling as investors brace for tricky restructuring
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Car parts maker’s rapid downfall has raised concerns of widespread losses on Wall Street
First Brands rescue loan tumbles in value as bankruptcy drags on
Debt intended to stabilise the auto parts maker has fallen sharply to trade at about 70 cents on the dollar
First Brands at breaking point as it scrambles to avoid liquidation
The company is relying on a $48mn infusion from automakers to continue operating
First Brands facing cash crisis as company seeks emergency funds
Bankrupt car parts maker only has enough money to operate through end of January as advisers race to raise capital
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Rapid growth of $2tn market has led to hastily done deals and hurried due diligence, say fund managers