US Trustee Demands Independent Bankruptcy Probe Into First Brands Missing $2.3 Billion
The US Trustee has joined creditors in demanding an independent investigation into First Brands Group’s bankruptcy case. Court filings reveal serious allegations of misconduct and $2.3 billion in missing funds related to off-balance sheet financing arrangements.
Federal Watchdog Seeks Expedited Bankruptcy Investigation
The federal watchdog overseeing corporate bankruptcy proceedings has joined creditors in demanding an independent investigation into the collapse of auto-parts supplier First Brands Group, according to recent court filings. The US Trustee’s office has requested an accelerated timeline for appointing a bankruptcy examiner amid revelations that the company cannot account for $2.3 billion related to off-balance sheet financing deals.