First Brands financier Raistone nearing sale
One of the largest middlemen in car parts group’s debt raisings close to a deal with Marblegate Asset Management
One of the largest middlemen in car parts group’s debt raisings close to a deal with Marblegate Asset Management

Firm was heavily dependent on fees earned from deals for bankrupt auto-parts supplier

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

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

Company considers bankruptcy as its finances worsen