$12bn of debt: How First Brands Group collapsed

120亿美元债务:第一品牌集团是如何崩溃的

Behind the Money

2025-10-29

26 分钟
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单集简介 ...

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on billions of dollars of hidden debt and a secretive founder whose borrowing habits left creditors exposed. The FT’s corporate finance editor Robert Smith and banking editor Ortenca Aliaj walk through their investigation and explain how this event has raised questions about potential cracks in private credit.   - - - - - - - - - - - - - - - - - - - - - - - - - -  For further reading: The secretive First Brands founder, his $12bn debt and the future of private credit First Brands Group: dude, where’s my cash? First Brands bankruptcy: the losers — and winners - - - - - - - - - - - - - - - - - - - - - - - - - -  Follow Robert Smith on X (@BondHack), or on Bluesky (@bondhack.ft.com). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.  Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • What does it take to inflict damage on some of the world's biggest financial institutions?

  • Well, as it turns out, one secret of businessman with a track record of battling creditors in court.

  • And it all starts with a tip.

  • I was having breakfast and I got a message from a contact who said they had heard of this interesting company that was potentially having issues.

  • That's the FT's Ortenza Alley Eye.

  • The tip centered around a huge auto parts company, which is a bit out of left field.

  • She's the FT's banking editor.

  • But lots of big financial firms had lent this company money and now it was running into trouble.

  • So, Ortenza mentions it to our colleague Robert Smith.

  • He's the FT's corporate finance editor, and he reaches out to some of his contacts.

  • For a while, he doesn't hear anything back.

  • And then in August, Rob gets a call.

  • I was sitting there with sort of an incredibly experienced,