First Brands, a significant auto parts supplier known for producing crucial components, has filed for Chapter 11 bankruptcy protection amidst a severe debt crisis exceeding $10 billion. The company, which owns renowned brands like Fram and Trico, faced heightened scrutiny from lenders leading up to the filing, revealing extensive liabilities and raising concerns about its financial practices. The voluntary bankruptcy is aimed at stabilizing its financial position and facilitating a transaction that maximizes value. This development has sent shockwaves through Wall Street, impacting 12 lenders who now face substantial losses and raising alarms regarding the broader credit market as First Brands navigates its troubled financial landscape.