First Brands Rushes to Stem Panic as Loan Plunges Below 60 Cents
Summarize this article with:
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Anco wiper blades, owned by First Brands Group, at an auto parts store in Memphis, Tennessee.Major investors in First Brands Group have offloaded stakes in the bankrupt auto supplier’s debt in recent days, causing the value of its most senior loan to collapse and prompting it to pull forward a lender call to calm nerves.Marathon Asset Management and Redwood Capital Management are among funds that have sold chunks of the super-senior loan they provided First Brands as it crashed into a Chapter 11 restructuring, according to people familiar with the matter.