First Brands’ Implosion Rips Through Private Credit: $2.3 B Disappears, Wall Street Scrambles
How a Hidden Financing Scheme Brought Down First Brands In hindsight, red flags were mounting at First Brands Group well before its spectacular implosion. The Ohio-based auto-parts supplier had become an industry heavyweight by gobbling up rivals with debt-fueled acquisitions, amassing an enormous debt load in the process Reuters. By mid-2025, the company’s finances were growing increasingly murky: in August, First Brands abruptly halted…