Millennium Takes $100 Million Hit in Collapse of First Brands

Millennium Management is one of the biggest Wall Street names to get hit by the sudden unraveling of the auto-parts supplier First Brands Group.

An investing team at Millennium led by Sean O’Sullivan took a writedown on a First Brands bet as the supplier slid toward bankruptcy, according to people with knowledge of the matter. The loss is expected to total about $100 million, one of the people said.

First Brands filed for Chapter 11 protection on Sunday night in Texas after weeks of concern about the company’s use of opaque, off-balance-sheet financing to manage its network of auto-parts ...