Makers of Fram, Anco, Trico on bankruptcy path?

Bloomberg reported yesterday that First Brands Group, which acquired the Trico and Anco wiper blade businesses and Fram filters, is preparing for bankruptcy, after Carnaby Capital Holdings, which was its main source of loans, filed for bankruptcy.

First Brands is owned by one person, Patrick James, who is also president and CEO of Carnaby Capital Holdings.  One loan to First Brands, due in 2027, has fallen to around one third of its face value. The bad news around First Brands appears to have started last week.

Trico was started as Tri-Continental in 1917 by three principals; they had one of the first wipers, and quickly developed worldwide sales. The company was independent until 2007, when it was purchased by Kohlberg & Company, a private equity firm. At that time, Trico supplied over 20 automakers as well as having aftermarket sales. By 2019, the company was owned by Patrick James, and also owned Carter Fuel Systems, AVM Industries, and Airtex. In 2020 it bought Raybestos and Champion and renamed itself to First Brands.  Patrick James also owns Crowne Group LLC.

Chrysler has relied on Trico blades and Fram filters at times; it seems likely that the businesses are still viable and if First Brands is unable to secure debtor financing, the units would be sold intact to other companies.