Welcome to WSJ Pro Bankruptcy's Daily Briefing. It's Thursday, January 8.

First Brands prepares asset sales as cash runs dry. Bankrupt auto-parts supplier First Brands is readying itself to sell some assets in a bid to shore up cash to continue operations through bankruptcy, its lawyers said in court Wednesday.

Investment banker Lazard began “informal outreach” this week to potential buyers on behalf of First Brands, which has $190 million left in the bank and predicts it will run out of cash by the end of the month without a new infusion of liquidity.

First Brands announced the launch of a marketing and sale process Wednesday. The company is evaluating terms for a new loan from its debtor-in-possession lenders, which could serve as stalking-horse bidders for certain of its assets, it said. –Alicia McElhaney

• Davidson Kempner rakes in $1.1 billion for asset-backed lending. Davidson Kempner Capital Management has closed its second asset-backed private credit fund and related vehicles.
• Benefit Street amasses $10 billion for real-estate credit deals. Private-credit firm Benefit Street Partners has collected $3 billion for its latest fund focused on real-estate deals, including related vehicles, giving the firm $10 billion of investible capital when anticipated leverage is included.

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