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Distressed-debt giants Oaktree Capital Management and Anchorage Capital have amassed positions in the bankruptcy financing for First Brands Group.

Bankrupt auto parts maker First Brands Group has sued Edward James — its former executive and the brother of company founder Patrick James — and its largest creditor Onset Financial.

Martin De Luca, a partner in the law firm of Boies Schiller Flexner, has been asked by the U.S. Trustee to put together a report on the allegations of mismanagement and fraud aimed at First Brands.

First Brands warned it will run out of cash without an immediate financing injection, a shortfall that could force the bankrupt auto parts maker to shut down some businesses and sell other operations.

Jefferies Financial Group is pressing to question First Brands founder Patrick James under oath, saying the former CEO cannot avoid an upcoming deposition.

The former finance director of First Brands Group said he’d plead his Fifth Amendment right against self-incrimination if compelled to answer creditor questions at an upcoming deposition.

Marathon Asset Management and others that provided First Brands Group with $1.1 billion are seeing the super-senior debt crater at a speed that bankruptcy experts say is unprecedented.

Major First Brands investors have offloaded stakes in the bankrupt auto supplier’s debt, causing the value of its most senior loan to collapse and prompting it to pull forward a lender call.

First Brands is asking the judge overseeing its bankruptcy to set up a framework that will give comfort to clients that they can send money to the company without risk of double payment.

First Brands' bankruptcy advisers are facing a new challenge that could impact how a potential restructuring of the auto parts supplier is carried out.