First Brands moves ahead with liquidation plan - Reuters

<a href="https://news.google.com/rss/articles/CBMioAFBVV95cUxQTldCNzk1VXlMby1TTWJtc1RqTWdjUkNJZ2YzSWN1UzZhVnVSSlhQalRka1IweEg5WTZ3dXV1VkhhS0hLV2dZTndRb0hxSVlSd0VXTUtNTjMwdUE3QTRqLUlrV1kzdUxXNFB1NEpUbVFqVlIzMHM4RlF6alp4RXA2blZKR0JzSUhwamY0TWVqVFljY0RNOFZ5VWRFYXBmLXlp?oc=5" target="_blank">First Brands moves ahead with liquidation plan</a>&nbsp;&nbsp;<font color="#6f6f6f">Reuters</font>

A U.S. bankruptcy judge in Houston has allowed First Brands, a bankrupt auto parts manufacturer, to proceed with a liquidation plan that includes funding lawsuits against the company's indicted founder and other insiders to recover money for creditors.

A Texas bankruptcy judge permitted First Brands to advance its Chapter 11 plan, denying a motion to convert the case to a Chapter 7 liquidation, and allowing the company to seek creditor votes on its proposed wind-down plan.

A U.S. bankruptcy judge has approved First Brands' request to solicit creditor votes on its proposed wind-down plan, rejecting demands to convert the case into a Chapter 7 liquidation overseen by a court-appointed trustee.