Bankrupt auto parts supplier First Brands said Jan. 26 that it has begun winding down several major North American business units, including Brake Parts, Cardone and Autolite, as it continues its Chapter 11 restructuring.

In a press release, First Brands said it will continue operating its remaining businesses — which include filters, wipers, pumps, lighting and other automotive accessories — while it seeks buyers for those assets.

Interim CEO Charles Moore said the company had explored multiple options to secure additional funding and advance the sale process but was unable to find a viable solution to keep the affected units operating.

First Brands filed for Chapter 11 bankruptcy protection in September. Early in the case, the company secured a $1.1 billion debtor-in-possession loan, which it said would allow it to continue operating while pursuing a sale or reorganization. However, the value of that financing declined sharply after lenders determined that the company’s financial problems were more severe than initially disclosed.

The company has since said it expects to run out of cash by the end of January. Its existing DIP lenders have declined to provide additional funding, and a bankruptcy judge has restricted the company’s access to certain collateral that could have improved liquidity.

According to The Wall Street Journal, major lenders including Oaktree Capital Management and Mudrick Capital Management have been exploring a partial liquidation of the business. The lenders have also considered acquiring the remaining assets through a debt-backed bid once some lines of business are shut down.

First Brands has said it is awaiting bankruptcy court approval of bidding procedures for an asset sale. A hearing is scheduled this week before Houston bankruptcy Judge Christopher Lopez.

The Chapter 11 case has been marked by allegations of financial misconduct. First Brands has sued its founder and former CEO, Patrick James, alleging he diverted company funds to support his personal lifestyle. James has denied the allegations.

First Brands is a longtime supplier in the automotive aftermarket, with a portfolio that has included brake components, remanufactured parts, spark plugs and other vehicle systems.