First Brands Group lawyers said the auto-parts company needs access to its roughly $600 million of remaining bankruptcy financing or it will have to shut down immediately.
That request, made during a Thursday court hearing in Houston, represents the rest of the $1.1 billion financing being offered by a group of First Brands lenders. US Bankruptcy Judge Christopher Lopez last month authorized the company to make an initial $500 million draw on the loan, and a hearing to consider the current request will continue Friday.
“We are talking high stakes, as high as they get,” company attorney Sunny Singh said during the hearing. If the judge sides with holdout creditors and rejects the financing package, Singh said “it’s game over” and the firm will liquidate.
Source: First Brands Says It Needs $600 Million or ‘It’s Game Over’