Funds under the UBS Group AG umbrella face more than half a billion dollars of exposure to bankrupt auto-parts supplier First Brands Group through various investment strategies, with one ranking as the biggest unsecured creditor, court documents show.
The auto-parts supplier filed for Chapter 11 protection in Texas late Sunday following a failed attempt to refinance $6 billion of loans and creditor concern over the company’s use of opaque off-balance-sheet financing. The board committee appointed as part of the bankruptcy is investigating First Brands’ use of that off-balance sheet funding.
First Brands, supplier of Autolite spark plugs, filed for Chapter 11 bankruptcy last month.
Photographer: George Frey/Bloomberg
UBS Hedge Fund Solutions is the largest unsecured creditor ...
