Former CEO Patrick James and former senior executive Edward James allegedly deceived banks and lenders through fake collateral, pledged assets and misleading financial statements.
Posts tagged as “chapter 11”
The company’s remaining business units continue to operate while it assesses pathways to transition them to new ownership.
The sale process is intended to accelerate the transition to new ownership and the company’s emergence from chapter 11 cases.
The company stated its distribution and manufacturing centers are operational and shipping customer orders as it navigates chapter 11.
Craig Barnes, Michael Broderick, and Tim Turvey will assist in advancing the company’s delivery performance, operational improvement and growth initiatives.
Financing will ensure the company has capital necessary to maintain operations and meet its commitments to customers, employees and partners.
First Brands' chapter 11 filing could be reflective of further things to come that may cause pain for a range of market participants.
