‘A glorious mess’: First Brands creditors brace for Houston court clash
Bankruptcy hearing in high-profile corporate collapse will start process of hashing out competing claims
Bankruptcy hearing in high-profile corporate collapse will start process of hashing out competing claims

Financing deal prompts fight between creditors over terms that could reward some while leaving others with little

Some creditors want an independent trustee involved in car parts maker’s bankruptcy process

Debt intended to stabilise the auto parts maker has fallen sharply to trade at about 70 cents on the dollar

Upcoming asset sales are expected to yield as little as $200mn to pay off debt pile of more than $12bn

Head of trade finance provider says some lenders made out handsomely before car parts company imploded

Overnight negotiations between holdout creditors and the car parts company yield a breakthrough over financing terms