Marathon Feels ‘Good’ About First Brands Debt Bought at 40 Cents

Marathon Asset Management LP bought the term loan of collapsed First Brands Group at around 40 cents on the dollar and sees it as a “great company” with a bad balance sheet, Chief Executive Officer Bruce Richards said.

“We feel good about that position because we think it’s a great company that needs to be restructured,” Richards said Thursday in an interview with Bloomberg Television. Marathon snapped up the term loan “in the 40s,” he said.

Marathon, a distressed-debt investor, is heading up the First Brands steering committee and took the lead in providing the auto-parts ...