NEW YORK (Reuters) - Auto parts maker First Brands has appointed a special committee of independent board directors to investigate its off-balance sheet financing arrangements and whether its invoices were factored in multiple times, according to court documents filed on Tuesday.
The company, which filed for bankruptcy protection this week, believes it had an unpaid $2.3 billion hole on its balance sheet related to third-party factoring arrangements when it filed for Chapter 11 proceedings, according to the statement filed by Charles Moore, its new chief restructuring officer.