Overview

• Founder Patrick James stepped down and chief restructuring officer Charles Moore became interim CEO to lead the turnaround and potential sale process.
• First Brands entered Chapter 11 in late September listing $10 billion to $50 billion of debt against less than $10 billion of assets, and it secured a $1.1 billion DIP with $500 million approved for immediate use.
• Advisers reported roughly $2.3 billion owed to purchasers of receivables was not remitted, and company attorneys told the court there was only about $12 million in cash on hand.
• Jefferies said its direct exposure totals about $43 million to $45 million, while its managed fund Point Bonita is owed about $715 million after pass‑through payments reportedly stopped on Sept. 15.
• Raistone moved for an independent examiner in the Texas case, and the UK’s Financial Conduct Authority said it is monitoring the fallout for private credit markets ahead of an Oct. 29 hearing.