Overview

• First Brands sought Chapter 11 protection in the Southern District of Texas, listing assets of $1 billion to $10 billion against $10 billion to $50 billion in liabilities.
• The company obtained a committed $1.1 billion debtor‑in‑possession facility from an ad hoc group of cross‑holders to fund payroll, fulfill orders, and pay post‑petition vendors during the case.
• International businesses are outside the U.S. court process, and First Brands filed standard first‑day motions to maintain operations while it pursues a value‑maximizing transaction.
• Related special‑purpose entities, including financing vehicle Carnaby Capital Holdings, filed earlier with more than $500 million in assets and over $1 billion in liabilities, and the company is seeking joint administration of the cases.
• Scrutiny has intensified over alleged off‑balance‑sheet financing tied to invoices and inventory, as Fitch warns private credit is showing bubble‑like traits after the collapse roiled a wide group of lenders.