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
Upcoming asset sales are expected to yield as little as $200mn to pay off debt pile of more than $12bn

Debt intended to stabilise the auto parts maker has fallen sharply to trade at about 70 cents on the dollar

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

Loans trade at distressed levels after ‘chaotic’ selling as investors brace for tricky restructuring

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

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

Corporates try to take advantage of market rebounds rather than risk further turbulence or US midterm elections