AMERICAS DISTRESS DAILY: First Brands-Linked Units in Chapter 11

A group of companies used by ailing auto-part manufacturer First Brands Group to raise financing has filed for Chapter 11 bankruptcy protection.

• Patrick James, the owner of First Brands, is listed as president and chief executive officer of various Carnaby units, and his signature appears in the bankruptcy document.
• Meanwhile, First Brands is preparing to file for bankruptcy as soon as next week and is looking to secure a loan of at least $1 billion to keep the business running while it reorganizes, according to people familiar with the negotiations

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