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C Street Advisory Group provides strategic communications services to First Brands Group as the auto parts maker files for Chapter 11 amid questions about its disclosures and billions of dollars in off-the-balance-sheet financing.
The Financial Times called the bankruptcy filing “one of the most spectacular collapses in private debt markets in recent years.”
The company estimates liabilities between $10B and $50B, and assets in the $1B to $10B bracket. A special committee will probe FB's off-balance sheets maneuvers.
Chuck Moore, FB’s chief restructuring officer, said the Chapter 11 filing is an important step toward stabilizing the company “and securing a long-term future for the Company’s world-class portfolio of aftermarket automotive part brands.”
First Brands markets Fram (oil filters), Trico (wiper blades), Autolite (spark plugs), Carter (fuel/water pumps) and Phillips (headlights).
Longacre Square Partners represents Ancora Holdings as it urges the board of Big Yellow Group to conduct a strategic review of the UK’s No. 1 self-storage company.
Kekst CNC handles Getty Images as it begins a prepackaged Chapter 11 reorganization and receives a commitment from Koch Equity Development and the Getty family to invest $533M in the visual content company.
As capital concentrates among established firms, emerging managers must find new ways to earn investor confidence.
Teneo handles True Food Kitchen as the Scottsdale, AZ-based wellness food restaurant chain that counts Oprah Winfrey as a minority investor files for Chapter 11.
FGS Global and Teneo represent Canada’s billionaire Weston family as its Wittington Investments holding company acquires Boots Group, the 177-year-old UK health & beauty retailer, from Sycamore Partners for $8.9B.
