Ford and General Motors in talks with First Brands over rescue financing
Big US carmakers negotiating terms to give the bankrupt car parts supplier much-needed cash
Big US carmakers negotiating terms to give the bankrupt car parts supplier much-needed cash

Company considers bankruptcy as its finances worsen

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

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

Bankrupt car parts maker only has enough money to operate through end of January as advisers race to raise capital

Deal would open US market to Chinese carmakers

Regulator’s planned climbdown follows lobbying by banks and car groups with in-house lenders