Automotive parts supplier First Brands Group has filed for chapter 11 bankruptcy to stabilize its U.S. business operations after disclosing liabilities exceeding $10 billion.

An ad hoc group of cross-holders has agreed to provide First Brands with $1.1 billion in debtor-in-possession financing that will be fully backstopped by certain members of that ad hoc group. This financing will provide capital for the company to maintain operations, fulfill customer orders and meet its commitments to its vendors and partners from the start of the chapter 11 cases.

“Today’s actions mark an important step toward stabilizing First Brands’ operations and securing a long-term future for the company’s world-class portfolio of aftermarket automotive part brands,” said Chuck Moore, Chief Restructuring Officer of First Brands. “With committed funding from our key financial partners, we remain focused on supporting our employees, working with our valued suppliers, and delivering best-in-class aftermarket automotive technology for our customers globally. We are confident in the strength of First Brands’ industry-leading portfolio and the essential role we play in the automotive supply chain.”

These filings follow the voluntary chapter 11 petitions filed by certain of the company’s non-operational special purpose entities on Sept. 24. First Brands is seeking relief to jointly administer these chapter 11 cases.

According to a report by Reuters, Rochester, MI-based First Brands is expected to soon disclose an issue with its factoring arrangements amounting to nearly $2 billion. Both the Wall Street Journal and Reuters have reported that the company’s board and creditors are investigating the issue.