Jan 26 (Reuters) – First Brands’ top lenders, including distressed-debt investors King Street Capital Management and Mudrick Capital Management, are resisting a request by the auto parts supplier to secure a $700 million loan, the Wall Street Journal reported on Monday. Instead, the lenders are pushing for additional liquidation, the WSJ report said, citing people […]
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First Brands’ lenders oppose $700 million loan request, push for asset liquidation, WSJ reports
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Jan 26 (Reuters) – First Brands’ top lenders, including distressed-debt investors King Street Capital Management and Mudrick Capital Management, are resisting a request by the auto parts supplier to secure a $700 million loan, the Wall Street Journal reported on Monday.
Instead, the lenders are pushing for additional liquidation, the WSJ report said, citing people familiar with the matter.
The lenders are advocating for the liquidation of parts of First Brands’ business as an alternative to providing the new loan, according to the report.
Reuters has not verified the report.
(Reporting by Natalia Bueno Rebolledo in Mexico City; Editing by Sherry Jacob-Phillips)