Ultinon Motion Holding B.V.

Three Netherlands holding-company debtors—Ultinon Motion Holding B.V. and its parent affiliates Liberty I B.V. and Liberty II B.V.—are set for a July 24, 2026 combined hearing on final approval of their disclosure statement and confirmation of their Third Amended Combined Plan of Liquidation, roughly four months after filing for chapter 11 in the Southern District of Texas under Judge Christopher M. Lopez Voluntary PetitionsDkt. 1.

The debtors are subsidiaries of First Brands Group Holdings, LLC (FBG), itself in chapter 11 since September 2025, and were acquired from Lumileds in August 2024 for approximately $238 million as a global automotive lighting business with roughly 20% market share. According to the first-day declaration of independent director Jame Donath, the filing was precipitated by the dissipation of value under prior FBG-appointed management—including the transfer of tens of millions of dollars out of the business without equivalent value—and by a stalled sale process that lenders refused to fund. The immediate trigger was a precautionary attachment Lumileds obtained against the debtors' Dutch bank accounts on the petition date Donath DeclarationDkt. 11. The debtors chose U.S. chapter 11 over Dutch WHOA proceedings to preserve and prosecute intercompany, third-party tort, contract, and chapter 5 avoidance claims, and several operating entities in Germany, the Netherlands, Poland, and Sweden have commenced parallel local insolvency proceedings.

The cases carry approximately $164.2 million of funded debt, dominated by the Banco Santander senior secured Facility B term loan—originally €140 million and increased by €5 million under the October 2025 Deva Amendment—plus a $7.6 million intercompany advance from FBG debtor KTRI Holdings; cash at filing was roughly $3.4 million across 22 accounts . Rather than restructure operations, the debtors are pursuing a liquidating plan that would convey the estates' litigation assets to a litigation trust, advancing through successive plan versions (now the Third Amended Plan) alongside procedural motions to conditionally approve the combined disclosure statement and fix the confirmation schedule.