Market Chatter: US Judge Hands Bank of America Early Win in First Brands Collateral Dispute

MT Newswires Live03:04

Bank of America (BAC) scored an early victory in its collateral battle with Aequum Capital Financial II after a US bankruptcy judge temporarily barred Aequum from distributing cash collected from bankrupt auto-parts supplier First Brands' inventory sales, Bloomberg reported Thursday, citing the ruling.

US Bankruptcy Judge Christopher Lopez ordered the proceeds to be held in escrow pending resolution of Bank of America's April lawsuit, in which both lenders claim collateral rights over First Brands' inventory, the report said.

Prior to the ruling, Aequum, which is seeking to dismiss the suit, warned that the cash freeze could trigger defaults on its own loans, according to the report.

Bank of America and Aequum Capital Financial II did not immediately respond to requests for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 56.30, Change: -0.23, Percent Change: -0.41

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