Long before being pushed to the brink of bankruptcy by concerns over its financial reporting,
The embattled auto-part supplier, which has come under scrutiny for its use of complex off-balance sheet financing, had included Apollo and its affiliates in a blacklist that barred certain firms from trading its loans.
While that may have seemed like enough to stop Apollo from taking out a short position on First Brands’ debt, the New York-based firm found a workaround.
For a year — and until it recently closed the ...