Home / Business and Economy / Raistone Capital Liquidates Amid First Brands Collapse
Raistone Capital Liquidates Amid First Brands Collapse
25 Feb
Summary
- Raistone Capital filed for liquidation, citing First Brands Group's collapse.
- Company listed $3.7 million in assets and $1.9 million in liabilities.
- JPMorgan CEO warns of 'dumb things' in current lending market.
Raistone Capital, a trade finance firm, has filed for Chapter 7 bankruptcy liquidation in New York. This action follows the company winding down its operations weeks prior, a consequence of the collapse of auto parts supplier First Brands Group.
The bankruptcy petitions reveal Raistone Capital and an affiliate owe $3.7 million in assets against $1.9 million in liabilities. Raistone had previously stated that First Brands Group accounted for over 80% of its revenue.
JPMorgan Chase & Co. CEO Jamie Dimon expressed concerns about the current financial landscape, drawing comparisons to the period before the 2008 financial crisis. He observed some firms engaging in "dumb things" to boost net interest income, potentially increasing risk.
Dimon's remarks come as the credit cycle faces potential deterioration, with artificial intelligence also being eyed as a disruptor to markets. He indicated that while JPMorgan remains cautious, other entities might be taking on undue risk in the pursuit of short-term gains.
