"This Is Bad": First Brands Liquidation Looms As DIP Loan Collapses

In the annals of leveraged loan lunacy, few spectacles rival the ongoing implosion of First Brands Group – that debt-drenched auto parts Frankenstein stitched together by Malaysian-born serial acquirer Patrick James, who turned a sleepy Ohio outfit into a $50 billion liability leviathan before bailing amid whispers of billions siphoned into the ether.

We have followed the farce from the beginning: