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First Brands Group Files for Bankruptcy Amid $10B Debt

9/29/2025

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Summary

Story summary

First Brands Group LLC filed Chapter 11 bankruptcy in Texas, with over $10B liabilities and $1B assets.
The filing faces scrutiny over off-balance sheet financing and a failed refinancing effort.
Apollo Global Management and Diameter Capital took short positions, seeking profit from debt decline.
Debtor-in-possession financing of $1.1B was secured to sustain operations; affiliated entities also filed.

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Story summary

First Brands Group LLC filed Chapter 11 bankruptcy in Texas, with over $10B liabilities and $1B assets.
The filing faces scrutiny over off-balance sheet financing and a failed refinancing effort.
Apollo Global Management and Diameter Capital took short positions, seeking profit from debt decline.
Debtor-in-possession financing of $1.1B was secured to sustain operations; affiliated entities also filed.