January 09, 2026
First Brands sued former board member Edward James and Utah-based company Onset Financial Inc. in Texas bankruptcy court Friday, alleging he operated as Onset's "secret partner" to rig contracts between First Brands and Onset that let them reap triple-digit returns and $2.9 billion in cash.
January 07, 2026
A Texas bankruptcy judge Wednesday allowed former First Brands executives to access about half of the company's directors and officers insurance to help pay for their legal fees as they face misconduct claims, ruling that the remainder of the proceeds are property of the car parts maker's bankruptcy estate.
January 02, 2026
Creditors of auto parts maker First Brands Group have asked a Texas bankruptcy judge to stop the company's former CEO and other executives from retreating into a "fortress" of corporate insurance in the face of misconduct claims over missing funds totaling hundreds of millions of dollars.
December 22, 2025
A Texas bankruptcy judge said Monday that auto-parts maker First Brands Group can access about $60 million in cash held by customers or stuck in segregated accounts, while setting up a January hearing to handle the debtor's proposed process to reconcile $3 billion in third-party factoring agreements with pending invoices.
December 19, 2025
A Boies Schiller Flexner LLP partner with experience in matters spanning from asset recovery to international investigations and high-wire global matters has been tapped to probe the bankruptcy of auto parts maker First Brands Group as a Chapter 11 examiner.
December 19, 2025
A magnesium producer will ask for final approval of a debtor-in-possession loan funded by its parent company, a heavy machine retailer is asking for approval of its Chapter 11 liquidation plan after selling its business as a going concern, and auto parts giant First Brands has asked a judge to approve procedures it says will assuage concerns about its restructuring process.
December 17, 2025
Patrick James, the founder and former CEO of First Brands Group, urged a Texas bankruptcy judge to toss an adversary suit the auto-parts maker filed targeting him, saying the complaint failed to adequately accuse him of fraudulent activity.
December 15, 2025
A Texas bankruptcy judge on Monday agreed to schedule a two-week trial in First Brands' adversary case against former CEO Patrick James, saying he would hear in June the auto-parts maker's allegations that James' fraud led to the company's collapse.
December 12, 2025
Struggling auto parts maker First Brands said on Friday it needs quick access to $250 million in cash that's being held by customers or stuck in segregated accounts, telling a Texas bankruptcy judge a decline in the trading prices of its Chapter 11 loans has sparked "unfounded concerns" about its health.
November 14, 2025
Lenders of First Brands are arguing to a Texas bankruptcy judge that the company's financing entities need their own separate attorneys in the auto parts maker's Chapter 11 case, citing concerns about conflicts of interest.