First Brands’ founder regains access to funds as court rejects asset freeze
US bankruptcy judge finds group had not shown sufficient evidence for injunction blocking Patrick James from bank accounts
US bankruptcy judge finds group had not shown sufficient evidence for injunction blocking Patrick James from bank accounts

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

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

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

Patrick James borrowed billions — even after presiding over a string of failed businesses

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