First Brands financier says ‘a lot of people made a lot of money’ from bankrupt group
Head of trade finance provider says some lenders made out handsomely before car parts company imploded
Related reading
First Brands formally accused of ‘massive fraud’ by lenders
Some creditors want an independent trustee involved in car parts maker’s bankruptcy process
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 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
First Brands sues founder Patrick James over alleged fraud
Collapse of automotive parts supplier puts spotlight on arcane practice of working capital finance
US prosecutors probe last-ditch funding pleas before First Brands collapsed
Potential violations of securities, bank and wire fraud laws under scrutiny in failure of car parts maker
First Brands’ lenders race to secure rescue loan for car parts group
Company considers bankruptcy as its finances worsen