First Brands launches sale process

First Brands Group says it is going up for sale, starting a formal process to market and sell the business, in whole or in parts, with the goal of moving to new ownership early this year.

The company said the sale process is meant to maximize stakeholder value and speed its transition to a new owner. It is in talks with an ad hoc group of lenders on additional debtor-in-possession financing and a stalking horse bid for certain business segments. First Brands said the expected funding...