Cleveland-based aftermarket parts supplier First Brands Group ealier this week filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas.
The owner of numerous national brands of parts said it has $1 billion ion assets and $10 billion in debts. It has obtained $1.1 billion in debtor in possewssion financingto continue operations during is reorganization efforts.
Many of the brrands owned by the company are nationally-known staples in the auto repair business. They include:
- Autolite spark plus
- FRAM and Luber-finer filters
- TRICO and ANCO wiper blades
- Raybestos, Centric Parts, StopTech, and Carlson brakes
- Carter and Airtex pumps
- REESE, DrawTite, Bulldog, Tekonsha, and Fulton bitches and towing components
- StrongArm lift components
- lighting systems, wheel bearing hub assemblies and remanufactured parts
Chief Restructuring Officer of First Brands said, “Today’s actions mark an important step toward stabilizing First Brands’ operations and securing a long-term future for the Company’s world-class portfolio of aftermarket automotive part brands. With committed funding from our key financial partners, we remain focused on supporting our employees, working with our valued suppliers, and delivering best-in-class aftermarket automotive technology for our customers globally. We are confident in the strength of First Brands’ industry-leading portfolio and the essential role we play in the automotive supply chain.”
First Brands said in a statement its global operations are expected to continue without interruption during the chapter 11 cases, with full continuity for the Company’s international customers, partners, and employees. Importantly, the company’s international operations are not part of the court-supervised financial restructuring process, First Brands said.
