How is Jefferies' exposure to First Brands Group structured?

Jefferies' exposure is primarily through a $113 million equity stake in Leucadia Asset Management's Point Bonita Capital division, which manages trade finance assets. Jefferies also holds a 50% stake in Apex Credit Partners, which had around $48 million in loans to First Brands through its CLO vehicles.

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Jefferies Reveals $161M Exposure to Bankrupt Auto Parts Supplier

Q: What is Jefferies Financial Group's exposure to the bankruptcy of First Brands Group?

Jefferies Financial Group has disclosed a $161 million exposure to funds that held trade receivables and loans of the recently bankrupt auto parts supplier First Brands Group.

8 Oct

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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

Jefferies Reveals $161M Exposure to Bankrupt Auto Parts Supplier

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.

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