first brands timeline and updates
on this page
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.