First Brands Group is negotiating with four potential buyers for its remaining auto-parts factories, including operations that supply Ford Motor Co., as the bankrupt company tries to avoid liquidation. The proposal aims to preserve thousands of jobs while restructuring what remains of the troubled manufacturer.

Bankruptcy proceedings have put First Brands in a race against time to find buyers for its manufacturing assets. The company's auto-parts operations, which include critical components for Ford vehicles, represent a significant portion of its remaining value. Industry sources indicate the potential buyers are evaluating the operations' viability amid ongoing supply chain challenges.

The outcome of these negotiations could have ripple effects throughout the automotive supply chain. A successful sale would allow First Brands to restructure while maintaining production for major automakers. However, failure to secure buyers could lead to plant closures and further disruption in the already strained auto-parts sector.