Boston-based Evolution Credit Partners on Tuesday (Dec 23) asked a Texas bankruptcy judge to terminate First Brands’ access to certain cash collateral unless the company takes “curative actions”. The cash collateral has helped fund First Brands as it navigates Chapter 11. In court papers, Evolution said the value of collateral First Brands holds at warehouses in California and Illinois has dipped below agreed-upon thresholds of US$170 million (RM690.88 million) and US$165 million, respectively. First Brands owes about US$230 million in principal obligations under the facilities, Evolution said in court documents. The case is First Brands Group LLC, 25-90399, US Bankruptcy Court Southern District of Texas (Houston).

Source: The Edge Markets December 24, 2025 01:15 UTC