Oct. 9 at 4:39 AM
$CVNA $JFR $UBS $WAL $BLK FIRST BRANDS CREDITOR SAYS UP TO
$2.3 BILLION 'SIMPLY VANISHED', SEEKS INVESTIGATION
Raistone, a provider of short-term financing that worked on deals for First Brands, is demanding an independent examiner be appointed in the Chapter 11 bankruptcy proceedings after alleging that as much as
$2.3BN has "simply vanished."
On October 2, a bankruptcy lawyer for First Brands told Raistone that advisors don't know if First Brands has received an estimated
$1.9BN. This followed the "first day hearing" where First Brands won access to a
$1.0BN+ DIP financing to prevent the business from collapsing.
In one of the most bizarre email exchanges, Raistone's lawyer asked two simple questions: "First, do we know whether First Brands actually received
$1.9BN (no matter what happened to it), and second, would you tell us how much is in the segregated accounts in respect of the factored receivables as of today?"
