The collapse of U.S. auto parts maker First Brands Group is reverberating across the banking sector on both sides of the Atlantic. The company's rapid demise – which is now unravelling a maze of complex debt agreements held with a range of lenders and investment funds globally – highlights the risks associated with private credit's often "aggressive" funding structures. Jefferies said Wednesday that its Leucadia Asset Management unit has a $715 million exposure to the stricken Ohio-based company through its Point Bonita Capital Fund, which invests in invoice receivables. UBS O'Connor — the private markets, hedge fund and commodities-focused asset management unit of the Swiss bank — has more than $500 million in overall exposures. The UBS Working Capital Finance Opportunistic Fund has an es

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