First Brands CEO Resigns and Leaves $10 Billion Mess to Clean Up

Before the world could learn much about Patrick James, who founded and led the auto supplier First Brands Group that fell into bankruptcy last month, he was gone.

James’ resignation as chief executive officer, after a week that saw the pain from its sudden collapse reach financial firms around the world, leaves the work of untangling the company’s complex and opaque finances to Charles Moore, a restructuring expert hired last month during rushed negotiations between the company and its top Wall Street creditors.

James, through a spokesperson, said he remains “deeply committed to the success of the business ...