First Brands Group judge finds plan ‘unconfirmable under any circumstance,’ indicates Chapter 7 conversion
Plan deemed infeasible, administratively insolvent, with insufficient marketing process; credit bid by secured lenders rejected due to lien issues

First Brands judge tees up Chapter 11 plan confirmation ruling for next week
The plan was highly contested, with creditors concerned with administrative claim repayment; some stakeholders, including the US Trustee, have pushed for conversion to Chapter 7

CLO managers invest in distressed experts in expectation of higher LME environment
EXCLUSIVE: Carlyle and BlackRock are among the CLO managers who have invested in distressed and special credits teams ahead of an expected rise in defaults and LME activity 

First Brands lenders extend UCC challenge deadline as confirmation ruling remains pending
Plan confirmation ruling still pending after multi-day trial; plan feasibility, administrative solvency disputed in confirmation fight

First Brands judge takes plan under advisement as objectors lambast recovery structure, key evidence
Debtors need USD 1.9bn from USD 25bn in litigation claims for plan feasibility; objectors dispute plan's fairness and viability, citing unrealistic recoveries

First Brands wraps evidentiary portion of confirmation trial, sets closings for 7 August
Expert testifies to USD 20m+ in potential claims, USD 2bn feasible returns by 2028; objectors question expert's approach, estimate veracity, and qualifications

First Brands CEO defends Chapter 11 plan, investigation, and creditor recoveries at confirmation hearing
Investigation finds substantial financial statement manipulation, including overstated revenue; Chapter 7 liquidation estimated to yield USD 115m, with limited creditor recovery

Judge Alfredo Perez: How a Houston veteran’s addition affects one of bankruptcy’s premier benches
Perez was quickly handed mega cases including Sunnova, Saks, and QVC; his appointment maintains Southern Texas' reputation as a top bankruptcy venue

First Brands CEO allowed to testify in confirmation fight, bankruptcy judge rules as trial kicks off
Judge Christopher Lopez agreed to allow Charles Moore to testify over lender objections; Onset Financial and others argued that Moore did not have expertise or familiarity needed

First Brands seeks control of USD 3.8m deferred compensation trust
Company claims ownership of trust funds due to document terms; insolvency notice, Chapter 11 filing cited as reason for trustee to hold funds for creditors

First Brands lender Evolution moves to halt USD 25.7m receivables release amid ongoing collateral dispute
Evolution seeks to pause FBG’s request to release funds pending lien appeal outcome; lender claims release risks dissipating collateral and harming recovery if it wins appeal

Europe on default watch following Bain downgrade
The most junior tranche of Bain’s Euro CLO 2018-1 has been downgraded to default in a first for the CLO 2.0 regime

Private credit sidesteps LME fights as sponsors quietly cede control of struggling companies
2021-2022 buyout deals drive defaults; aggressive actions in BSL capital structures don't fly in private credit

First Brands wins conditional disclosure statement approval, beats Chapter 7 push as judge calls confirmation ‘last real shot’
Chapter 7 conversion denied despite concerns over feasibility and cash burn; interim CEO testifies on plan feasibility, citing uncertain litigation outcomes

Optimum to show restructuring proposal to creditors’ advisors as company presses for deal before 4Q
Market participants discuss fraudulent conveyance claims amid reorganisation; creditor advisors are already restricted to review diligence documents

First Brands gets signoff for Horizon deals, bringing in tens of millions in proceeds
Horizon North America sale generates USD 64m in proceeds, reducing secured claims; deals aim to address First Brands' USD 9.3bn debt obligations

First Brands factoring provider Leucadia opposes disclosure statement, saying ‘death trap’ could deem creditors ineligible for recoveries

Provision disqualifies creditors from recoveries for objecting to plan, LAM argues

US Trustee moves to dismiss or convert First Brands’ bankruptcy cases, alleges ‘sleight of hand’ to dodge administrative expenses
Company faces USD 9.3bn debt, significant issues from tariffs and capital expenditures; DIP financing includes 30-day deadline for restructuring agreement

First Brands' journey from fraud-led freefall into bankruptcy to mediation-backed plan amidst examiner allegations
Proposed plan for debtor Premier Marketing Group is result of mediation efforts; case has been plagued with fights over adequate protection, discovery, and more

First Brands secured lender Black Diamond sues auditor BDO, accusing it of missing ‘rampant fraud’
BDO accused of ignoring red flags, including cash needs and factoring dependence

First Brands examiner highlights over USD 700m in transfers to former CEO Patrick James, but James says findings are ‘one-sided’
Preliminary findings suggest claims for substantive consolidation, veil piercing; James says in response that transfers were not concealed, appeared in company ledger

First Brands announces RSA, plan forthcoming via mediation deal
Hilco to manage winding down, including inventory sales and receivables collections; plan aims to resolve DIP defaults, allow junior creditor recoveries

First Brands Group examiner delays report as Onset seeks to strike CarVal Mexican law expert report, declaration
Examiner pushes status report deadline to 17 April, eight days past the original deadline; Onset, CarVal dispute reportedly centers on competing claims to about USD 16m held in escrow

Three former First Brands Group executives move to dismiss fraud claims in adversary suit
Three former executives moved to dismiss alleged fraud suit, claim no individualised misconduct; former executives contend conspiracy lacked a viable underlying unlawful act

First Brands secures final mediation extension to advance case resolution talks, judge warns against further delays
Judge approves extension of FBG case resolution mediation with Judge Isgur through 27 March; likely the final extension for case resolution talks