First Brands seeks financing including as much as $1.6bn for potential DIP
- Max Reyes
- +Rachel Butt
First Brands is gauging interest from certain lenders to support its capital needs, which includes potential DIP financing, according to 9fin sources.
While talks are ongoing and fluid, the auto parts supplier may need $1bn-$1.6bn for a bankruptcy loan, the sources said.
Advisors to a group of First Brands’ creditors initially reached out to lenders with $100m or more in holdings to assess their appetite for providing new money, they said.
First Brands is getting advice from Lazard while a creditor group has organized with Evercore and Gibson Dunn, 9fin reported last week.