Press-Seal Corporation is hoping to buy the Jasper Rubber business from First Brands Group for $8 million in cash. First Brands filed a motion on Wednesday for the bankruptcy court in the Southern District of Texas to consider the sale.
"It is critical that the debtors (First Brands) obtain approval of the sale transaction as soon as possible," the filing says. "As this court is aware, the debtors' liquidity is limited and the buyer and the debtors' key stakeholders have made clear their expectation that the sale transaction be consummated on an expedited basis."
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Throughout First Brands' bankruptcy process, companies have snapped up some of the 20-plus brands under the First Brands umbrella, intellectual property and other assets piecemeal. Efforts to sell businesses as going concerns by and large failed after a liquidity crisis earlier this year forced plants to close and thousands of workers to be laid off.
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First Brands collapsed into Chapter 11 bankruptcy as former executives, including founder and former CEO Patrick James and his brother, Edward, were indicted on bank and wire fraud charges by federal prosecutors in New York. Other former executives have plead guilty and are cooperating with investigators.
Prosecutors say the James brothers and others milked millions out of First Brands through a series of financing deals over the course of several years. Those deals became shaky in late 2025, when potential new creditors became suspicious. First Brands filed for Chapter 11 bankruptcy in September and the former executives were indicted in January.
Press-Seal says in court documents it hopes to rehire some of Jasper's workers and bring the company back to the market. Jasper Rubber made rubber components for automotive, plumbing, industrial and commercial applications. It's located in Jasper, Ind., and was started in 1949.
The sale includes the property maintained by Jasper Rubber, contracts related to the business, permits, intellectual property and business technology, and other assets necessary to running the business.
