First Brands Group, the bankrupt auto-parts manufacturer, has agreed to sell 12 of its most recognizable brands, including Autolite, for $25 million after losing rescue funding and major customers. The company's financial collapse has forced it to liquidate key assets in a distressed sale that marks the end of an era for several iconic automotive brands.

The deal comes after First Brands failed to secure additional rescue funding and saw major customers walk away, leaving it unable to continue operations. Industry analysts note that the sale price represents a significant discount compared to what these brands might have commanded in healthier market conditions. The 12-brand portfolio includes several well-known names in the automotive aftermarket that have been trusted by mechanics and consumers for decades.

This liquidation represents one of the more significant bankruptcies in the auto-parts sector this year, highlighting the challenges facing traditional manufacturers in an increasingly competitive market. The buyer's identity remains undisclosed, though industry sources suggest it may be a competitor or private equity firm looking to acquire distressed assets at bargain prices. The sale is expected to close quickly given the bankruptcy proceedings.