First Brands wins court approval for $1.1bn rescue loan to avoid liquidation
Overnight negotiations between holdout creditors and the car parts company yield a breakthrough over financing terms
Overnight negotiations between holdout creditors and the car parts company yield a breakthrough over financing terms

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

Company considers bankruptcy as its finances worsen

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

The company is relying on a $48mn infusion from automakers to continue operating

Collapse of automotive parts supplier puts spotlight on arcane practice of working capital finance

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