Overview
- First Brands said Charles Moore has been appointed interim chief executive as the restructuring moves forward.
- The auto parts maker asked for expedited approval to access about $250 million tied up under Chapter 11 rules to bolster liquidity.
- The requested funds would supplement $1.1 billion in existing debtor-in-possession financing to support reinvestment in the business.
- The company reported that its manufacturing and distribution centers remain operational and are shipping customer orders.
- Founder Patrick James stepped down as CEO in October, and Moore has highlighted the addition of three veteran automotive leaders to support the effort, according to industry coverage.