First Brands became a case study in how stressed credit can unravel faster than many investors expect.

Josef Pschorn speaks with Jared Muroff, Head of Special Situations at Octus, about what drove the collapse, how hidden financing and liquidity pressure shaped the restructuring, and why Chapter 11 complexity matters for distressed-debt investors.

Key takeaways:

• Hidden financingcan accelerate downside
• Chapter 11 mechanics matter for recoveries
• Restructruing complexity can destroy more value than expected
• Distressed-credit underwriting requires more than leverage analysis

Transcripts and analysis: https://fixedfloating.substack.com

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Disclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.

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