Creditors to First Brands Group are tallying paper losses in the billions of dollars and trying to assess the widening damage from the unanswered questions swirling around the auto-parts supplier.
Investors watched in horror, some of them staying up all night, as the value of First Brands’ $6 billion debt pile fell roughly in half in the space of a few days. That drop was triggered by concerns about the company’s use of off-balance sheet financing tied to its future revenues, according to people with knowledge of the matter.
Troubled Auto-Parts Firm First Brands Goes Quiet as Loans Plunge
