first brands exposures and dataset

overview

exposure categories reflect the capital structure and working‑capital programs disclosed or reported:

• dip lender group (superpriority; roll‑up of certain prepetition claims)
• secured term loans (first/second lien) and holders including clo/bdc vehicles
• abl and inventory/equipment financing (agent banks, lessors, and specialty lenders)
• scf/factoring funders and platforms (generally unsecured; disputed items flagged)
• depositary setoff, trade creditors, employees (priority/admin where applicable)

download the dataset (jsonl)

• file: /wiki/news/first-brands/exposures.jsonl

schema

{
"name": string,
"exposure_category": string,            // e.g., DIP_Lender, First_Lien_Lender, SCF_Funder
"instrument": string,
"priority": string,                    // e.g., superpriority, secured_first_lien, unsecured
"amount_claimed": number|null,
"amount_currency": "USD",
"amount_note": string|null,
"collateral": string|null,
"status": string,                      // e.g., participating, objecting, asserted, disputed
"petition_date": string|null,          // YYYY-MM-DD (if applicable)
"case_number": string|null,            // if applicable
"allegations": string[]|null,
"related_parties": string[]|null,
"source_urls": string[]|null,
"source_notes": string|null
}

example line

{"name":"Onset Financial, Inc.","exposure_category":"Inventory_Equipment_Financing","instrument":"sale-leaseback and inventory/equipment financing","priority":"secured","amount_claimed":1900000000,"amount_currency":"USD","amount_note":"Onset says First Brands owes ~$1.9B under various facilities","collateral":"Inventory and equipment under lease/financing arrangements","status":"objecting"}

top 30 largest unsecured creditors (consolidated)

Based on voluntary petition disclosures and creditor matrices filed in lead case 25-90399. Amounts reflect consolidated claims across all 111 affiliated debtors.

creditor analysis

Supply Chain Finance / Factoring Dominance: 12+ creditors representing approximately 70% of identified claims by dollar amount

• Top 4 SCF creditors alone: $642.4M (UBS Hedge Fund Solutions, Trade Finance Co, 1977 O’Connor, CIT/First Citizens)
• Additional quantified SCF: $121.4M (Napier, Wafra, Pemberton)
• Undetermined factoring claims: Evolution, Katsumi, Leucadia, Raistone (amounts contingent/disputed)

Government/Tax Liability: $68.7M to IRS (Federal Income Taxes) — approximately 10% of identified claims

Trade Payables: Multiple domestic and international suppliers (~20% of identified claims)

• Geographic distribution reflects global supply chain (USA, China, Taiwan)
• Manufacturing components and raw materials

Other Liabilities: Cardone revenue payout ($7.0M) connected to Brookfield Asset Management

Key Observations:

• Supply chain finance and factoring arrangements dominate the unsecured creditor list
• Multiple contingent/disputed factoring claims with undetermined amounts suggest collateral disputes
• International trade payables reflect global automotive aftermarket supply chain
• Significant concentration risk in working capital finance programs

additional reported exposures (not in top 30)

Based on media reporting and creditor disclosures, additional material exposures include:

Supply Chain Finance / Factoring (from GTR reporting):

• LiquidX: ~$71M (includes Fasanara sub-participation ~$24M)
• Orbian: ~$20M
• Raistone cited as contact for ~$667M across six separate SCF exposures

Inventory / Equipment Financing (from SFNet reporting):

• Onset Financial: ~$1.9B (inventory/equipment sale-leaseback and financing)
• Evolution Credit Partners: ~$230M (inventory financing; classification disputed)
• Aequum: ~$45M (equipment financing)

Point Bonita Capital / Jefferies (from Reuters reporting):

• Point Bonita Capital (Leucadia/Jefferies-managed): ~$715M trade finance assets

UBS Exposures (from Finews and Reuters):

• UBS Hedge Fund Solutions: ~$349.8M (unsecured SCF)
• UBS Asset Management: ~$160M (includes secured/DIP participation)
• Note: Split to avoid double-counting

Methodology Note: These additional exposures are from media reporting and may overlap with top 30 creditors or represent different tranches of the same facilities. Cross-reference with docket filings before relying on aggregate totals.

notes on classification

• categories aim to prevent double‑counting; where overlapping names appear (e.g., group/affiliate breakdowns), totals are not summed here.
• disputed entries (e.g., trade finance company (uk)) are labeled status: disputed and should be treated carefully until docket verification.
• “undetermined” amounts reflect contingent/unliquidated/disputed claims per petition disclosures
• supply chain finance vs. factoring vs. inventory finance classifications may shift based on collateral schedules and lien analysis