First Brands nears settlement to sell business units

First Brands, a bankrupt manufacturer of automotive parts, is nearing a comprehensive settlement with its creditors as it prepares to wind down the majority of its operations. The proposed agreement includes the sale of four distinct business lines, a process supported by financial backing from major customers including Ford and General Motors. This strategic arrangement is intended to maintain supply chain stability while the company resolves its bankruptcy proceedings. The settlement, currently being finalized in New York, represents a critical step in the company's efforts to transition its core business units to new ownership and satisfy its outstanding obligations.