Ford and General Motors are negotiating a potential lifeline for First Brands Group as the bankrupt car-parts supplier races to raise additional money in order to buy time to sell itself.
The two are among a group of carmakers who have been in negotiations with the Ohio-based First Brands over the past several days to work out a financing arrangement that could help keep it operating through Chapter 11 bankruptcy proceedings, according to several people familiar with the matter.
The arrangement involves the carmakers paying in advance for products they plan to receive. This would give First Brands much-needed cash to help keep its operations going, the people added.
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