First Brands Group faces creditor scrutiny as its debt value plummets

First Brands Group's debt value has plummeted, causing billions in paper losses for creditors amid concerns over off-balance sheet financing and lack of communication. Creditors are organizing for potential restructuring as the auto-parts supplier's $6 billion debt lost nearly half its value. Talks are underway to assess the company's needs. First Brands, owned by Patrick James, has grown through acquisitions and primarily borrowed in the leveraged loan market, facing scrutiny since August.