Financing will ensure the company has capital necessary to maintain operations and meet its commitments to customers, employees and partners.
Posts tagged as “chapter 11”
First Brands' chapter 11 filing could be reflective of further things to come that may cause pain for a range of market participants.
First Brands appoints Charles Moore as Interim Chief Executive Officer; Patrick James to resign as Chief Executive Officer, effective immediately.
The company filed for bankruptcy protection on Monday after disclosing liabilities of more than $10 billion; obtains financing to continue operations.
The EV manufacturer of the Ocean SUV had brought the vehicle twice as fast as expected but has experienced various market and macroeconomic headwinds.
The company filed a voluntary petition for relief under Chapter 11 on Dec. 26 and will not appeal the the New York Stock Exchange's determination.
