$12bn of debt: How First Brands Group collapsed
Behind the Money29 Okt 2025

$12bn of debt: How First Brands Group collapsed

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.

Episoder(318)

The unravelling of the Ant IPO

The unravelling of the Ant IPO

The IPO of Jack Ma's Ant Group would have been the largest in history: it was expected to raise $37bn at a valuation of $316bn. But just days before the stock market listing, China called it off. The ...

18 Nov 202018min

An economic uncoupling

An economic uncoupling

Tensions between Washington and Beijing are beginning to resemble a new cold war. Could the complex supply chains built up over a generation that produce Apple's iPhone and other electronics soon be u...

11 Nov 202022min

US election programming note

US election programming note

There is no episode of Behind the Money this week. Here is a preview of what we are working on for next week. Review Clips: C-SPAN, CNBC, Dallas Morning News Hosted on Acast. See acast.com/privacy for...

4 Nov 20201min

Direct lending rush

Direct lending rush

The pandemic docked Carnival’s cruise ships and grounded Bombardier’s planes. But when the companies were in need of cash, one went to the bond market and the other to a direct lender. Robert Smith, F...

28 Okt 202022min

Bank profits in a recession

Bank profits in a recession

The market volatility of the past few months has been a boon for the trading divisions of many Wall Street banks, including Morgan Stanley. Laura Noonan, the FT’s US banking editor, explains how succe...

21 Okt 202018min

LVMH, Tiffany and a case of buyer’s remorse

LVMH, Tiffany and a case of buyer’s remorse

Bernard Arnault built a €210bn luxury empire through an unflinching acquisition strategy that earned him the “wolf in cashmere” moniker. Tiffany, famous for its robin-egg blue boxes and diamond engage...

14 Okt 202022min

Mafia high finance

Mafia high finance

While reporting on the coronavirus crisis in northern Italy this year, Rome correspondent Miles Johnson discovered an equally concerning story in the country’s south. Italy’s most powerful organised c...

7 Okt 202019min

We're back with a new season

We're back with a new season

Episodes will be released weekly starting Wednesday October 7. Hosted on Acast. See acast.com/privacy for more information.

30 Sep 202057s

Populært innen Business og økonomi

stopp-verden
dine-penger-pengeradet
lydartikler-fra-aftenposten
rss-penger-polser-og-politikk
e24-podden
rss-borsmorgen-okonominyhetene
pengepodden-2
finansredaksjonen
tid-er-penger-en-podcast-med-peter-warren
livet-pa-veien-med-jan-erik-larssen
utbytte
morgenkaffen-med-finansavisen
lederpodden
rss-markedspuls-2
pengesnakk
rss-pa-konto
rss-fa-makro
liberal-halvtime
boligbobla
rss-investering-gjort-enkelt