91��Ƶ

The Birmingham, Ala.-based firm ceased operations after a deal to sell the company to an affiliate of fellow Birmingham-based carrier PS Logistics collapsed.

Raistone has demanded a court-appointed examiner investigate First Brands, claiming in court papers that as much as $2.3 billion “simply vanished” from the company.

A joint venture between Norinchukin Bank and Japanese trading house Mitsui & Co. faces $1.75 billion of exposure to bankrupt auto parts supplier First Brands Group, court documents show.

First Brands' bankruptcy filing set off a round of damage limitation by Wall Street firms now attempting to size up their exposure to the company.

A fund controlled by a unit of Jefferies Financial Group sunk nearly a quarter of its $3 billion trade finance portfolio into receivables tied to auto parts supplier First Brands Group.

The financing fueled investor concerns before the auto parts supplier fell into bankruptcy.

The filing caps weeks of turmoil sparked by creditor concern over the auto supplier’s use of opaque off-balance sheet financing.

Auto part supplier First Brands Group is preparing to enter bankruptcy with no restructuring plan in place, a sign of how quickly the company’s fortunes are unraveling, sources said.

The U.S. Court of Appeals for the Third Circuit affirmed a September 2024 decision by Judge Craig Goldblatt that left Yellow on the hook for $6.5 billion in claims by the pension plans.

The development could increase pressure on First Brands, which has been considering whether to file for bankruptcy to raise a rescue loan after halting a $6 billion refinancing in August.