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
Related reading
First Brands’ lenders race to secure rescue loan for car parts group
Company considers bankruptcy as its finances worsen
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 debt plunges as worries mount over US car parts group
Loans trade at distressed levels after ‘chaotic’ selling as investors brace for tricky restructuring
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 creditors reckon with dwindling chance of repayment
Upcoming asset sales are expected to yield as little as $200mn to pay off debt pile of more than $12bn
First Brands at breaking point as it scrambles to avoid liquidation
The company is relying on a $48mn infusion from automakers to continue operating