First Brands files for bankruptcy, revealing billions of dollars in liabilities
Privately held First Brands, which makes replacement components including filters, brakes and lighting systems for the automotive aftermarket, emerged as a significant player in the industry through debt-financed acquisitions of rival auto parts makers.
Its well-known brands include Raybestos brake solutions, TRICO wiper blades, and FRAM filtration products.
Tricolor: The messy collapse of a subprime auto lender explained
Behind the scenes, traders told CDG that the auto asset-backed securities issued by Tricolor started nosediving, eventually reaching as low as 12 cents on the dollar.
The intrigue: Fifth Third Bancorp disclosed a potential $200 million loss from "alleged fraudulent activity" at an unnamed commercial borrower.