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First Brands is close to a settlement with creditors while seeking to sell its Walbro, Horizon, TMD, and Pumps business lines. The company filed for bankruptcy on September 28, citing over $9 billion in liabilities, and has struggled to find a buyer for its entire operations due to serious fraud allegations in financial statements.

The fraud has led to indictments of its founder and has damaged relationships with customers. Currently, First Brands is relying on short-term funding from Ford and GM to support its operations.