US auto parts manufacturer First Brands Group has initiated a voluntary Chapter 11 bankruptcy process. The filing, made in the US Bankruptcy Court for the Southern District of Texas, aims to “stabilise” the company's operations and pave the way for a transaction that maximises value. To ensure the continuity of its business, First Brands has secured a commitment from an ad hoc group of cross-holders to provide $1.1bn in debtor-in-possession (DIP) financing. The financial support, fully guaranteed by cer ...