Autolite spark plugs at an auto parts store in Provo, Utah on Sept. 29, 2025. First Brands Group Holdings has filed for Chapter 11 bankruptcy, capping weeks of turmoil sparked by creditor concern over the auto-suppliers use of opaque off-balance sheet financing.

First Brands Blindsides Wall Street in ‘Black Box’ Loan Fiasco

In hindsight, the telltale signs of trouble were piling up: the Zoom calls where the owner kept his camera off; the angry pushback from his brother when investors asked for invoices to back up their loans; the frequent late payments to suppliers; and the whispers of large off-the-books financing arrangements.

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First Brands Blindsides Wall Street in ‘Black Box’ Loan Fiasco

In hindsight, the telltale signs of trouble were piling up: the Zoom calls where the owner kept his camera off; the angry pushback from his brother when investors asked for invoices to back up their loans; the frequent late payments to suppliers; and the whispers of large off-the-books financing arrangements.

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