Latest News Updates From Jonathan Randles

The two brothers who built First Brands into a global business are now pointing the finger at each other.

Funds managed by Black Diamond Capital Management said in an April 29 lawsuit that BDO’s audits did not comply with generally accepted auditing standards.

“What has happened to the business of First Brands is a tragedy, but the narrative that … this should fall on Patrick James is false,” a spokesperson said.

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

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

First Brands Group won access to $600 million of remaining bankruptcy financing, which company lawyers said was needed to prevent the company from immediately shutting down.

The lender group is seeking to have certain special purpose vehicles dismissed from First Brands’ bankruptcy case and have also joined calls for the appointment of an independent examiner.

The financing fueled investor concerns before the auto parts supplier fell into bankruptcy.

Nikola won court permission to auction its Arizona plant, an asset creditors said may prove valuable to automakers as the Trump administration continues to go back and forth on tariffs.

A judge approved adding independent directors to Kal Freight’s board after the bankrupt trucking firm was accused of double-pledging its trucks as collateral to obtain financing.