Street Calls of the Week
Investing.com -- Marathon Asset Management LP purchased the term loan of bankrupt auto-parts supplier First Brands Group at approximately 40 cents on the dollar, according to Bloomberg, citing an interview with Chief Executive Officer Bruce Richards.
"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. The distressed-debt investor acquired the term loan "in the 40s," he added.
Marathon is leading the First Brands steering committee and provided the primary funding for the company’s $1.1 billion debtor-in-possession loan. Court documents show Marathon holds $238 million of the first-lien term loan and $41 million of the second-lien loan.
First Brands has emerged as one of the largest distressed situations in 2025. The auto-parts supplier filed for bankruptcy after loan investors raised concerns about its accounting practices, with its sudden collapse creating ripple effects across Wall Street.
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