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Spot gold touches almost $4,700 an ounce and Bitcoin tops $80,000 while oil prices fall despite threat of heavy US sanctions on Iran and any country trading with it
The US car parts company First Brands Group , which makes things such as spark plugs, wiper blades and motor oil, has gone into liquidation.
A US bankruptcy court rejected a complex restructuring plan negotiated between the company, its lenders and unsecured creditors. First Brands had put forward a proposal to pay back creditors by pursuing litigation against insiders.
Unfortunately, time was not on the debtor’s side. The sales process did not render the types of sales prices I’m sure everybody wanted.
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Source: The Guardian. Summary reproduced for informational purposes.
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