--- title: "Sales, closures and wind-down of the First Brands businesses" language: en canonical: https://dossiertwist.com/dossiers/first-brands-group/asset-sales-and-closures/ as_of: 2026-10-15 keywords: ["First Brands Group","Patrick James","Edward James","First Brands Group Holdings","Viceroy Private Capital","Carnaby Capital Holdings","Onset Financial","Point Bonita Capital","Jefferies","Raistone","Katsumi Global","Horizon Global","Brake Parts Inc","Ultinon","Trico","FRAM","Chapter 11","receivables factoring","off-balance-sheet financing","supply chain finance"] --- # Sales, closures and wind-down of the First Brands businesses **Question.** What happened to the First Brands operating businesses during the bankruptcy? **Answer.** Three First Brands operating businesses were sold in the bankruptcy, the Horizon Global towing business for $64 million, Toledo Molding & Die for $80 million and Walbro for $50 million, while brands such as Fram, Autolite, Trico, Raybestos and Centric Parts were sold as brand and intellectual-property assets without the factories. In January 2026 First Brands announced the wind-down of its Brake Parts Inc., Cardone and Autolite businesses, and in early 2026 it shut 17 facilities and laid off 4,000 workers, including the Eagle Machining plant in Fayette, Ohio and the Brake Parts Inc. operations in McHenry, Illinois. Charles Moore put the proceeds of these and other asset sales at approximately $221 million, used to pay down secured claims. ## The operating businesses sold - Analysis: According to an industry press account of the Chapter 7 conversion, three operating businesses were sold in the First Brands bankruptcy: the Horizon Global towing business for $64 million, Toledo Molding & Die for $80 million and Walbro for $50 million. Together the $194 million recovered a fraction of the $1.1 billion First Brands borrowed under its debtor-in-possession (DIP) facility; the brand and intellectual-property sales closed on undisclosed terms and are not included in that total. In a June 2026 declaration supporting the liquidating plan, Charles Moore disclosed that the debtors had generated approximately $221 million from the Walbro, Toledo Molding & Die and Horizon North America sales and other asset sales, and had used it to pay down secured claims. [src-051] [src-039] - Analysis: Walbro makes small-engine fuel systems, carburetors, fuel pumps and ignition systems. In March 2026 First Brands agreed to sell the business for $50 million; Judge Christopher Lopez approved the private sale to Overdrive Capital, LLC on March 13, 2026, and it closed on March 16, 2026. Overdrive Capital is owned and operated by shareholders and officers of Active Dynamics Group, a Toronto-based supplier; the first report of the agreement named Active Dynamics Group itself as the buyer. First Brands said the sale would save about 600 jobs. The Carter Carburetor brand, part of the Walbro business, was excluded from the sale. [src-063] [src-074] [src-121] [src-051] - Analysis: Toledo Molding & Die (TMD), founded in 1955, supplies the automotive industry with air and fluid management systems and interior components. On May 14, 2026 Judge Lopez signed an order authorizing First Brands Group, LLC to sell TMD's assets to TNJ Ohio LLC, an affiliate of JVIS, free and clear of existing liens, claims and interests, under an asset purchase agreement dated May 7, 2026 with WMC-KSA Holdings LLC as the buyer's guarantor; court records value the sale at about $80 million. [src-051] [src-062] ## Brands and remaining assets - Analysis: Court documents dated March 25, 2026 show First Brands agreeing to sell 12 brands, including Fram, Autolite and Trico, to PGI Northstar LLC, an affiliate of Premium Guard, for $25 million, with the buyer taking on certain liabilities related to those brands; the debtors described the assets as their Filters and Plugs, Wipers and StrongArm business lines. The NOCO Company objected on April 3, 2026; the court approved the sale of these intellectual-property assets on April 10, 2026 and the sale closed on April 13, 2026. Premium Guard Inc. (PGI) later completed a purchase of further First Brands assets: production lines for oil, air and cabin filters in Albion, Illinois, manufacturing equipment from the former FRAM plant in Ohio, a filtration research and development center and laboratory, and inventory in the United States and Mexico. [src-048] [src-074] [src-072] - Analysis: The brake brands left First Brands in two separate transactions in June 2026, before the case was converted to Chapter 7. Friction One acquired the Raybestos brand with its formulations, engineering specifications, application data, catalogs and marketing assets, and Motorcar Parts of America acquired the intellectual and digital property behind Centric Parts, Posi Quiet, StopTech, C-TEK and GCX in a Section 363 sale free and clear of liens and claims, without assuming operating liabilities. The terms of both were not disclosed, and neither buyer took over manufacturing operations. [src-051] ## Wind-down and plant closures - Analysis: On January 26, 2026 First Brands announced the wind-down of its North American Brake Parts Inc., Cardone and Autolite businesses after failing to secure funding or complete sales for them; production stopped, and the buyers of the brake brands later acquired brand and engineering assets rather than going concerns. On March 23, 2026 the debtors filed a motion to wind down the Brakes, Autolite and Hopkins units. In early 2026 First Brands shut 17 facilities and laid off 4,000 workers after concluding that it did not have enough lender support to reorganize, keeping its last major business lines running on prepaid orders from customers such as Ford Motor Co. and Honda Motor Co. while trying to sell its remaining factories. Hilco Global and SB360 Capital Partners disposed of First Brands inventory and manufacturing equipment for months; remaining tooling, inventory, real property and unsold brand assets pass to the Chapter 7 trustee. [src-051] [src-074] [src-060] [src-048] - Analysis: Eagle Machining, LLC is one of the affiliated debtors: its Chapter 11 case 4:25-bk-90489 was filed on September 29, 2025 and is jointly administered under First Brands Group, LLC's case 25-90399, and the docket lists it at the group's address, 127 Public Square, Suite 5300, Cleveland, Ohio. In a notice under the federal Worker Adjustment and Retraining Notification (WARN) Act dated December 29, 2025 and signed by Shekhar Kumar, Senior Vice President, M&A, First Brands Group, LLC told the Ohio Department of Job and Family Services that it would permanently close the entire Eagle Machining facility at 705 N Fayette Street, Fayette, Ohio, affecting 251 employees, with closure to begin on February 27, 2026, because the plant had underperformed for a year. [src-040] [src-089] - Analysis: An updated notice of January 27, 2026 brought the Eagle Machining closure forward to that day, affecting 246 employees, 235 of them terminated on January 27, 2026; the company cited failed financing efforts, the failure of its sale process and major customers withholding payments, and named Paul Kosturos as its contact. Ohio local television reported on January 29, 2026 that more than 230 employees of Eagle Machining, whose parent company it named as First Brands Group, had been abruptly laid off at the Fayette plant days before two First Brands executives were arrested on federal fraud charges; the village administrator said the loss of jobs and tax base had forced the village to lay off several police officers. [src-089] [src-096] - Analysis: Brake Parts Inc. permanently closed its operations in McHenry, Illinois, at 4400 Prime Parkway, 1100 Corporate Drive and 1380 Corporate Drive. According to its WARN filing with the Illinois Department of Commerce and Economic Opportunity in early February 2026, 389 employees there were or would be laid off: 332 that week and 57 retained for a time to help with the closure. [src-090] ## Sources - [src-051] Media source · src-051 - [src-039] Media source · src-039 - [src-063] Media source · src-063 - [src-074] Media source · src-074 - [src-121] Media source · src-121 - [src-062] Media source · src-062 - [src-048] Media source · src-048 - [src-072] Media source · src-072 - [src-060] Media source · src-060 - [src-040] Court record source · src-040 - [src-089] WARN notices of First Brands Group, LLC on the closure of Eagle Machining, Fayette, Ohio (December 29, 2025; updated January 27, 2026), Ohio Department of Job and Family Services (filed notices), 2026-01-27 - [src-096] Media source · src-096 - [src-090] Media source · src-090