A few months before First Brands' bankruptcy, Banco Santander SA-Spon had queued to provide financing

According to informed sources, when First Brands Group attempted to refinance approximately $6 billion in debt this summer, the automotive parts supplier collaborated with Banco Santander SA and worked with Jefferies Financial Group Inc. on the transaction, but it was put on hold due to investor concerns. The Spanish bank signed a term sheet with Jefferies to collaborate on the refinancing, after which investors requested the quality of the earnings report. Although the refinancing was led by Jefferies, Banco Santander had a prior relationship with the company. (Bloomberg)