AMERICAS DISTRESS DAILY: Apollo Closed Shorts on First Brands

Investment firms Apollo Global Management Inc. and Diameter Capital Partners both closed their short bets against the debt of troubled auto parts supplier First Brands Group, according to people familiar with the matter.

• The company’s loans have recently tumbled amid concerns about off-balance sheet financing tied to its receivables, according to people with knowledge of the matter who asked not to be identified.

In Other News:

• Creditors to First Brands Group are taking steps to organize in the event of a restructuring, according to people with knowledge of the matter. Advisers are holding talks over the weekend to assess the ...