# $12bn of debt: How First Brands Group collapsed

An episode of [The Story of Money](https://invisiblenetwork.ai/podcast/1376303362), 29 Oct 2025, 27 min.

Audio: https://sphinx.acast.com/p/acast/s/behindthemoney/e/690102166ec4f3ea1b104919/media.mp3

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on billions of dollars of hidden debt and a secretive founder whose borrowing habits left creditors exposed. The FT’s corporate finance editor Robert Smith and banking editor Ortenca Aliaj walk through their investigation and explain how this event has raised questions about potential cracks in private credit. - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading: The secretive First Brands founder, his $12bn debt and the future of private credit First Brands Group: dude, where’s my cash? First Brands bankruptcy: the losers — and winners - - - - - - - - - - - - - - - - - - - - - - - - - - Follow Robert Smith on X (@BondHack), or on Bluesky (@bondhack.ft.com). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

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