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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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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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