first brands timeline and updates
on this page
Rolling log stopped (August 2026). Despite the “rolling log” framing below, this timeline has not been updated since October 2025. The bankruptcy has since progressed substantially — to a liquidating Chapter 11 plan with a proposed Chapter 7 conversion for other debtors, multiple asset sales, and a plan and disclosure statement filed around June 2026. None of that is captured here. Treat this as a snapshot through 9 October 2025.
overview
chronology of material events and filings. dates and captions are neutral summaries; see sources for links.
| Filings | SPVs 2025‑09‑24; lead/core debtors 2025‑09‑28/29. |
| DIP | Interim access to a portion of the $1.1b facility authorized 2025‑09‑30 → 2025‑10‑02. |
| Creditor posture | Inventory/ABL lenders and factors filed objections; unsecured SCF/factoring exposures clarified 2025‑10‑05 → 2025‑10‑08. |
timeline (complete)
september 2025 — prepetition governance and filing preparation
2025-09-17 — special committee formation
- Special Committee of Independent Managers established
- Members appointed: Neal Goldman and William Transier (both independent)
- Initial board resolutions authorizing bankruptcy preparation
- Authority granted to evaluate and recommend Chapter 11 filing
2025-09-24 — first wave filing (13 “initial debtors”)
- Initial SPV filings including Carnaby Capital Holdings, LLC and related inventory/receivables vehicles
- Indicates failure within off‑balance‑sheet financing structure
- Cases filed: 25-90383 through 25-90395
- Special Committee authority expanded
- Context: GTR investigation report
2025-09-26 — chief restructuring officer appointed
- Charles M. Moore appointed as Chief Restructuring Officer
- Provider: Alvarez & Marsal North America, LLC
- Broad authority granted over:
- Cash management and disbursements
- Operational expenditures
- Debt incurrence decisions
- Day-to-day restructuring management
2025-09-28 — second wave filing (98 additional entities)
- First Brands Group, LLC (lead case) and core holding companies file Chapter 11
- Lead case: 25-90399 (Bankr. S.D. Tex., Houston Division)
- Judge: Hon. Christopher M. Lopez
- Joint administration under lead case for all 111 affiliated entities
- All petitions signed by Charles M. Moore as CRO (centralized control)
- Cases filed on this date:
2025-09-29 — additional operating affiliates file
- Additional operating entities including FRAM Group IP LLC, Brake Parts Inc LLC, Horizon Global Corporation, Cardone Industries, Inc.
- Filing completes the 111-entity coordinated bankruptcy
- Intermediate docket (PACER)
september-october 2025 — first day motions and interim relief
2025-09-30 → 2025-10-02 — dip financing interim approval
- Interim relief and DIP motion heard
- Court authorizes immediate access to portion of $1.1B DIP facility (~$500M interim access)
- DIP is part of $4.4B total rescue financing package
- DIP includes roll-up mechanics for certain prepetition claims
- Ad-hoc lender group includes Redwood Capital Management, UBS Asset Management, Beach Point Capital Management, Diameter Capital Partners, and dozens of additional firms
- Gibson Dunn represents the ad hoc group of first-lien cross-holders
- Bloomberg, Reuters via Investing.com
october 2025 — creditor posture and disputes
2025-10-05 → 2025-10-08 — creditor objections and exposure clarification
- Creditor posture develops: objections filed by inventory/ABL lenders and factors
- Unsecured SCF/factoring exposures clarified in media reporting
- Collateral disputes emerge over:
- Double-financed receivables
- Commingled inventory
- Competing security interests between inventory lenders and SCF providers
- SFNet — collateral disputes
- GTR — SCF exposure tally
2025-10-08 — raistone seeks independent examiner
- Raistone Capital, identified in filings as contact for multiple supply-chain finance facilities, asks the court to appoint an independent examiner.
- Motion asserts as much as $2.3B in collateral may be unaccounted for and requests investigation into alleged double financing of receivables.
- Reuters
2025-10-09 — doj inquiry begins into losses
- The U.S. Attorney’s Office for the Southern District of New York opens an inquiry into the collapse of First Brands, described as a “fact-finding mission” in its early stages.
- The probe follows creditor allegations of multibillion-dollar losses, with one lender claiming as much as $2.3 billion has “simply vanished.”
- The inquiry’s focus includes potential irregularities tied to the company’s extensive use of off-balance-sheet financing, including factoring and supply-chain finance programs.
- The Financial Times reports that the company has appointed two independent directors to conduct a parallel investigation and that debtor’s counsel disclosed only $12 million of cash on hand at a recent hearing.
- The debacle has drawn in major financial institutions, including Jefferies, UBS, and Millennium Management.
- Reuters
- Financial Times
notes
- this page is a rolling log; specific docket links and orders are curated in sources & dockets.