Jefferies Financial Group Inc. announced today that First Brands Group, LLC and its affiliates filed for Chapter 11 bankruptcy protection on September 29, 2025. The company’s asset‑management arm, Point Bonita Capital, manages a $3 billion trade‑finance portfolio and holds roughly $715 million in receivables linked to First Brands, which represents 5.9% of the portfolio’s total invested equity of $1.9 billion.
The receivables are largely due from major retailers such as Walmart, Autozone, NAPA, O’Reilly Auto Parts, and Advanced Auto Parts. First Brands stopped directing timely payments from these obligors on September 15, 2025, creating a liquidity gap. Jefferies is in communication with First Brands’ advisors to assess the impact on Point Bonita and to protect the interests of its investors.
The update highlights a potential loss of up to $161 million for Jefferies, as previously reported. By publicly disclosing the exposure and outlining its mitigation efforts, Jefferies underscores the risk to its asset‑management operations and signals that the firm is actively managing the situation to safeguard future earnings.
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