AMERICAS DISTRESS DAILY: UBS Among Big Creditors of First Brands

UBS Group AG funds face over half a billion dollars of exposure to bankrupt auto-parts supplier First Brands Group. The exposure is via various investment strategies, with one fund ranking as the biggest unsecured creditor.

• A lawyer for a lender group expressed concerns over a $1.1 billion bankruptcy loan to First Brands, describing it as “effectively a black box.”
• Cantor Fitzgerald is set to acquire UBS’s O’Connor hedge fund unit, which has about $11 billion in assets under management and six investment strategies, in a deal expected to close in the fourth quarter.

In Other News:

• First Brands Group secured ...