The secretive First Brands founder, his $12bn debt and the future of private credit
Patrick James borrowed billions — even after presiding over a string of failed businesses
Related reading
Investors warn on leveraged loan risks after First Brands collapse
Rapid growth of $2tn market has led to hastily done deals and hurried due diligence, say fund managers
First Brands debt plunges as worries mount over US car parts group
Loans trade at distressed levels after ‘chaotic’ selling as investors brace for tricky restructuring
First Brands sues founder Patrick James over alleged fraud
Collapse of automotive parts supplier puts spotlight on arcane practice of working capital finance
First Brands creditors reckon with dwindling chance of repayment
Upcoming asset sales are expected to yield as little as $200mn to pay off debt pile of more than $12bn
JPMorgan warns First Brands fallout driving up banks’ funding costs
Concerns mount about hidden exposure to private capital firms and hedge funds in wake of credit market wobbles
First Brands boss weighs resigning under pressure from lenders
Car parts maker’s rapid downfall has raised concerns of widespread losses on Wall Street