First Brands
- Thread starter JohnnyJohnson
- Start date
Just wow. 
- Joined
- Jul 28, 2024
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wild stuff.. but wouldn't be surprised if not true.
Maybe the $100 million is in the form of OG wire-backed Ultra filters? My guy had to stock up!
It’s unusual for senior loans ranking first in the repayment order to be trading below their book value, indicating lender wariness about the company’s eroding financial situation since the bankruptcy. Some lenders have struggled to obtain key financial information from First Brands to understand the company’s business projections, sources said, leading to a rapid exit in loans, particularly among funds with limited experience in dealing with distress.
A quote I read today:
“We don’t know whether this case is a business with fraud attached or a fraud with a business attached,” Stark said.
“We don’t know whether this case is a business with fraud attached or a fraud with a business attached,” Stark said.
ROCHESTER HILLS, Mich.--(BUSINESS WIRE)--First Brands Group, LLC (“First Brands” or the “Company”), a leading global supplier of automotive parts, announced that it has commenced a wind down of certain of its North American business operations, including its Brake Parts Inc., Cardone, and Autolite brands. First Brands’ remaining business units continue to operate while the Company assesses pathways to transition these operations to new ownership.
From what I'm hearing, all of the Cardone side staff were let go yesterday, and the rest of the brake division is gone on Friday.
It's parts of First Brands. Not every part. Ford and GM get some parts used to build their new cars from First Brands. It's those parts I assume.
What I read is there trying to provide some financing to keep them operating during bankruptcy for the parts Ford / GM need. Not uncommon. It usually ends up being some form of forward payment for parts to be delivered at a later date. Not to rescue the entire brand.
Also this article said Ford is most exposed, and multiple other companies may be involved? https://www.reuters.com/business/au...-over-rescue-financing-ft-reports-2026-01-27/
Considering Motorcraft spark plugs and wires are mainly made by Autolite and Champion Labs makes filters for both GM and Ford, I’m not shocked.
The ACDelco brake program is Raybestos.
MAT Holdings, Baofeng Brake and FrictionOne are going to win big. Driv might use this to boost Wagner with the parts houses.
I did some research because I have not been following closely and WOW this is a mess!! Did I read correctly that they are winding down brands including the cardone, brake and autolite divisions?? Does that basically mean the end of Raybestos brakes and Autolite spark plugs? I won't miss Cardone.
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yup you're reading it correctly.. I did some digging too.. wanted to make sure and yup the ones you metioned they're just going to shut them down, not even wait for a buyer. Very odd that they didn't even try to find a buyer.
I looks like the former head of First Brands (and his brother I think) were indicted on various fraud related charges.
From what I read they "looked for a buyer" but I it seems odd because, to me, at least Autolite would be a name brand somebody would snatch up fast. Raybestos as well but Cardone can fade away and not be missed.
