parts News Updates

Patrick James' personal bank accounts were frozen last week as part of a lawsuit accusing him of siphoning large sums from the bankrupt auto parts supplier.

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.

Lawyers for the company — now run by restructuring consultants — alleged that Patrick James borrowed funds on fraudulent terms, only then to “routinely and regularly” divert cash for himself.

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.

A Stellantis plant in Michigan will remain shut down for several weeks due to a shortage of key components, a sign of the growing fallout from a supplier’s aluminum factory fire last month.

RealTruck Group told lenders it uses fundamentally different financing tools from those tapped by First Brands Group, another parts maker that collapsed into bankruptcy last month.

The work of untangling the company’s finances is left to Charles Moore, a restructuring expert hired last month during rushed negotiations between the company and its top creditors.

Distracted drivers can pose a major safety threat to remote repair technicians working on trucks along the shoulder of a highway.

Raistone has demanded a court-appointed examiner investigate First Brands, claiming in court papers that as much as $2.3 billion “simply vanished” from the company.

A joint venture between Norinchukin Bank and Japanese trading house Mitsui & Co. faces $1.75 billion of exposure to bankrupt auto parts supplier First Brands Group, court documents show.