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Jefferies Reveals $161M Exposure to Bankrupt Auto Parts Supplier
9 Oct
Summary
- Jefferies has $161M exposure to funds holding loans of bankrupt First Brands
- Leucadia Asset Management has $113M equity stake in affected trade finance fund
- Jefferies also held $48M in loans to First Brands through its Apex Credit stake
As of October 9th, 2025, Jefferies Financial Group has revealed that it has $161 million in exposure to funds that held trade receivables and loans of the recently bankrupt auto parts supplier First Brands Group. The majority of this exposure, $113 million, is through Leucadia Asset Management's Point Bonita Capital division, which manages trade finance assets on behalf of institutional and other investors.
Additionally, Jefferies disclosed that it holds a 50% stake in Apex Credit Partners, which had approximately $48 million in loans to First Brands through its collateralized loan obligation (CLO) vehicles. First Brands filed for bankruptcy on September 28th, 2025, following increased concerns over the company's use of trade financing.
The problems with First Brands' receivables emerged on September 15th, 2025, as the company stopped making payments to Point Bonita's $3 billion portfolio, which had around $715 million invested in receivables due by a few of First Brands' customers.
