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Auto part supplier First Brands Group is preparing to enter bankruptcy with no restructuring plan in place, a sign of how quickly the company’s fortunes are unraveling, sources said.

The U.S. Court of Appeals for the Third Circuit affirmed a September 2024 decision by Judge Craig Goldblatt that left Yellow on the hook for $6.5 billion in claims by the pension plans.

The development could increase pressure on First Brands, which has been considering whether to file for bankruptcy to raise a rescue loan after halting a $6 billion refinancing in August.

First Brands Group is preparing to file for bankruptcy as soon as next week and is looking to secure a loan of at least $1 billion to keep the business running, according to sources.

Auto parts maker First Brands Group is discussing options with its creditors for restructuring its $6 billion debt load that include a possible Chapter 11 bankruptcy filing.

Three more less-than-truckload service terminals once operated by Yellow are close to finding new owners, including two in Canada, according to a court filing.

Bankrupt canned fruit company Del Monte Foods won court permission to hold an auction of its assets after giving potential bidders more time to make an offer.

Hyroad Energy will buy much of bankrupt truck manufacturer Nikola’s remaining physical assets and all its intellectual property for $3.85 million.

Some customers have secured the fuel their tractors need. Others parked the trucks as court proceedings play out. All continue to work the phones in search of more amenable solutions.

Del Monte Foods filed for bankruptcy, less than a year after executing a controversial debt restructuring.