DOJ PROBES FIRST BRANDS GROUP COLLAPSE
The U.S. Department of Justice has opened an inquiry into the bankruptcy of auto parts maker First Brands Group, according to the Financial Times.
The probe, led by prosecutors in the Southern District of New York, is in early stages and described as a fact-finding mission after the company’s sudden Chapter 11 filing left investors facing billions in potential losses.
The investigation follows allegations from creditors that as much as $2.3 billion “vanished” through opaque off-balance-sheet financing. One major lender, Raistone, has petitioned for an external probe, arguing the company shouldn’t oversee its own misconduct review.
First Brands, which makes windshield wipers and fuel pumps, reportedly raised over $2 billion via factoring arrangements, yet lawyers said only $12 million remains in cash. The fallout has drawn in major financial firms including Jefferies, UBS, and Millennium Management.
#PokemonDay is here, Trainers! 🤩
Join us as we celebrate 27 years of Pokémon, with exciting news throughout the day!
Tune in to the #PokemonPresents: https://t.co/suTwscDtZk
You are 8 years old and you wake up on Christmas day. You see Pokémon Diamond under the tree. You stick all day playing in your pajamas. You are happy.