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Find all critical vendor motions filed in Delaware bankruptcies this year. What are the largest caps?

Found 96 critical vendor motions in Delaware Chapter 11 cases (2024-2025).

Largest caps by case:

  • →Franchise Group — $77.65M cap ($35M initial approval)
  • →Big Lots — $60M final / $40M interim
  • →At Home Group — $60.7M final / $39.5M interim
  • →Tupperware — $11.65M total / $10.35M interim

[+92 more results...]

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In re: Roman Catholic Bishop of Sacramento
363 Sale Hearing
Wednesday, December 18, 2024
0:00
6:42
The Court:  Item 23, the Roman Catholic Bishop of Sacramento. And I have a note that, well, I have a bunch of appearances, but let's start with the courtroom, presuming we have courtroom people.
Debtor's Counsel:  Yes, good morning, your honor. Jason Rios appearing on behalf of the Roman Catholic Bishop of Sacramento. With me here in the courtroom today is Tom McNamara for the debtor.
The Court:  Okay. And is there anybody else in the courtroom on the Catholic diocese case? There's nobody. Let's see. Drew Glasnovich, is he there?
UCC Counsel:  Your honor, Mr. Glasnovich is not here. I am here in his place, Robert Kugler, on behalf of the Committee of Unsecured Creditors.
The Court:  Mr. Glasnovich is an assistant, okay? Rebecca Wix. Is Rebecca Wix there?
Claimant's Counsel:  Yes, your honor, Rebecca Wix on that chapter.
The Court:  Representing?
Claimant's Counsel:  Kevis.
The Court:  Kevis? Okay. Todd Jacobs. Todd Jacobs, is he there? No. Devon Holloway?
The Court:  No. Steve Williamson?
Parishes' Counsel:  Good morning, your honor. Steve Williamson for the parishes.
The Court:  And Annette Rolain? Apparently not. Anybody else? Did I miss anybody?
The Court:  All right, this as Mr. Rios's motion on behalf of his for the debtor in possession, who proposes to sell real property commonly known as 2685 Riverside Boulevard, Sacramento, California, for $2,900,000. The buyer would be Gormley Family Property LLC, subject to a 5% commission plus costs of $58,000.
The Court:  Debtor wants a waiver of the 14-day stay. The beneficial owner of the property apparently is Catholic Funeral and Cemetery Services of the Diocese of Sacramento, Inc. The motion was made under local bankruptcy rule 9014-1F1 and requires opposition in advance of the hearing. No opposition's been filed. Am I understanding the transaction correctly, Mr. Rios?
Debtor's Counsel:  Yes, your honor. I would just make a few notes to supplement the comments that your honor made. The sale includes a funeral home that's approximately 7,600 square feet. It includes the sale of the real property, the improvements, any personal property located on the premises and any related intangible property, things like licenses and permits.
Debtor's Counsel:  Your honor correctly stated the purchase price of 2.9 million. I just want to also add that it's a sale as is, where is, with all faults. The debtor is not making representations or warranties. The debtor is selling the property as the trustee that holds for the trust with the beneficial interest for the Catholic Funeral and Cemetery Services as your honor noted.
Debtor's Counsel:  I also wanted to note that we propose to hold the sale proceeds pending further order of the court. That's been what we've agreed to do for prior sale orders. And the last item—we're asking the court to approve the sale as a private sale. We don't believe opening the process to overbidding would result in a materially better sale price.
The Court:  Well, let's see what the natural enemies have to say here. Mr. Kugler.
UCC Counsel:  The committee has not filed an opposition because it supports the sale. The committee's analysis is based upon the fact that the property was marketed for approximately 110 days, so over three months. The committee's real estate professionals have taken a look at it and they believe that the proposed sale price is within a range of reasonableness.
The Court:  Okay. Ms. Wix, anything to add?
Claimant's Counsel:  No, your honor.
The Court:  Mr. Williamson?
Parishes' Counsel:  No, your honor.
The Court:  Anybody else? All right, I'm satisfied the transaction is appropriate notwithstanding being opened up for bids, and that it would be also appropriate to waive the 14-day stay. So the motion will be granted.
The Court:  The question becomes how to document that and who's going to approve the order. So I presume it's you, Mr. Rios, and I would imagine Mr. Kugler or Mr. Glasnovich for the committee would sign.
Parishes' Counsel:  No, your honor. None for me, thank you. No need for the parishes either. Thank you.
The Court:  Okay. Thank you. So, I'll just look for an order from you, Mr. Rios, approved as to form by the committee.
Debtor's Counsel:  Thank you, your honor.
UCC Counsel:  Thank you, your honor.
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DATE:December 27, 2025
RE:First Brands Group — S.D. Tex. No. 25-90399 (CML)

Business overview

First Brands Group, LLC is a global supplier in the aftermarket automotive parts industry headquartered in Cleveland, Ohio. The company operates manufacturing and distribution centers across five continents with a portfolio of over 25 brands, including FRAM, Raybestos, Autolite, and Trico. Product categories span brakes, filters, wipers, lights, pumps, and towing solutions. Approximately 82% of revenue derives from aftermarket sales. The Debtors employ roughly 6,000 workers in the United States and 15,000 in Mexico, where USMCA-qualifying operations provide partial insulation from U.S. tariff exposure.

Capital structure

The Debtors reported nearly $9.3 billion in total obligations:

  • ABL Facility: ~$227 million outstanding
  • First Lien Term Loans: ~$4.65 billion
  • Second Lien Facility: ~$540 million
  • Off-Balance Sheet (SPV) Financing: ~$2.3 billion
  • Supply Chain/Factoring Liabilities: ~$800 million
  • Onset Master Leases: ~$1.9 billion

With approximately $6.1 billion on-balance sheet debt against $1.133 billion EBITDA, the company operated at roughly 5× leverage with annual debt service exceeding $900 million.

Causes of distress

Multiple factors converged to trigger the filing. U.S. tariffs imposed in April 2025 increased landed inventory costs by approximately $99 million between April and August. Debt-funded acquisitions required nearly $160 million in integration costs over the prior twelve months. A $6.2 billion global refinancing process paused in August 2025 due to lender concerns over complex off-balance sheet structures. On September 23, 2025, Southstate Bank set off $27 million in working capital funds. Bank of America, as ABL Agent, then refused a draw request and threatened cash dominion remedies, leaving insufficient liquidity to operate.

DIP financing

The Debtors obtained a $4.4 billion Senior Secured Superpriority DIP Facility from an ad hoc group of first and second lien creditors. The structure includes $1.1 billion in new money ($175 million initial, $325 million escrowed, $600 million upon final order) and a $3.3 billion roll-up of existing first lien obligations. Maturity is 270 days. Interest on new money runs at SOFR plus 1.55% cash plus 8.45% PIK; a 5% exit premium applies.

Fraud investigation and examiner

On September 12, 2025, management discovered irregularities in third-party factoring practices and halted those programs. The Court appointed an examiner on November 19, 2025, with a report due by February 25, 2026. The Official Committee of Unsecured Creditors has issued Rule 2004 subpoenas to founder Patrick James, related entities, and multiple factoring parties. An SDNY criminal investigation is reportedly pending. The Debtors filed a sealed adversary proceeding seeking recovery of misappropriated funds.

Key first-day relief

  • Critical vendor payments up to $120 million cap
  • Employee wages and benefits: $33.27 million
  • Prepetition taxes and fees: $22.29 million
  • Customer programs: $252 million outstanding
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DATE:December 27, 2025
RE:First Brands Group, LLC — S.D. Tex. No. 25-90399 (CML)
SUBJ:Distress Drivers Analysis
DriverEvidence
Tariff impactApril 2025 tariffs: $60M pre-buy costs + $99M landed inventory increase (Apr–Aug 2025)
Integration costs~$160M over 12 months for debt-funded acquisitions
Refinancing failure$6.2B process paused Aug 2025; $24.5M bridge loan funded Sept 25
Bank setoffSouthstate seized $27M working capital (Sept 23, 2025)
ABL actionsBofA: $200M reserve, $168M overadvance, cash dominion threat
Factoring fraud$2.3B missing; fabricated invoices, double-factored receivables

Timeline:

Sept 5: A&M retained as restructuring advisor

Sept 12: Management discovered factoring irregularities; programs halted

Sept 22: Evolution declared default on inventory facilities

Sept 23: Southstate Bank set off $27M from working capital accounts

Sept 24: Initial group of debtors filed Chapter 11

Sept 25: Forbearance agreement executed; $24.5M bridge loan funded

Sept 28: Remaining debtors filed; DIP motion submitted

Prepetition debt structure ($9.3B total):

$6.1B on-balance sheet · $2.3B off-balance sheet (SPV) · $900M+ annual debt service · ~5× leverage

Generated by ElevenFloPage 1 of 1Dec 27, 2025
first-brands-distress-drivers.pdf
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