Auto Parts Financial Arm Files Bankruptcy in SDTX

In one of the largest and most complex corporate bankruptcy filings in Texas this year, the financial arm of global auto parts seller First Brands Group sought Chapter 11 protection today in the Southern District of Texas, citing between $1 billion and $10 billion in liabilities but only $500 million to $1 billion in assets.

Cleveland-based Carnaby Capital Holdings, 10 of its affiliated businesses and six subsidiaries have hired Weil, Gotshal & Manges partner Clifford Carlson in Houston to be lead or co-lead legal advisor to the debtors.