First Brands Group faces billions in creditor losses as debt value plunges

First Brands Group's debt value has plummeted, causing billions in paper losses for creditors amid concerns over off-balance sheet financing. The auto-parts supplier's $6 billion debt pile roughly halved in value as lenders grew worried about the company's lack of communication and its use of financing tied to future revenues. Advisers are assessing the company's needs while investors organize for potential restructuring, as similar opaque financing practices have previously led to major financial collapses.