Distressed-debt specialists Oaktree Capital Management and Anchorage Capital have acquired positions in First Brands Group’s debtor-in-possession (DIP) financing as the auto parts supplier races to secure additional liquidity, according to a report by Bloomberg.
The $1.1bn DIP loan, which ranks senior in bankruptcy, has been trading at distressed levels, reflecting investor expectations that new capital will be required to keep First Brands operational. The company has warned it could exhaust it...
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