First Brands Creditor Seeks Investigation of ‘Vanished’ Funds

First Brands’ financing partner Raistone filed an emergency motion in bankruptcy court on Wednesday asking for an investigation into whether $2.3 billion tied to the auto parts supplier had “simply vanished.”

• First Brands declared bankruptcy on Sept. 28.
• Raistone, which relied on First Brands for more than 80% of its revenue, is seeking independent examiner in bankruptcy case
• Argues examiner needed to investigate what the debtor characterizes as “Third-Party Factoring irregularities”
• Debtors already admitted to accounting irregularities, but, new filing says current process “is woefully insufficient given the magnitude of potential misconduct at issue”
• Read More: Raistone Blames Mass Layoffs ...