We have a couple more names to add to our fast-growing list of shadow banking casualties. And, yes, collateral is once again the common theme. One of them is of course in subprime auto financing, but that’s just another canary in the credit coalmine. The other has been accused of fabricating half a billion of collateral invoices. Half a billion. Fake collateral.

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WSJ Bankrupt Telecom Business Accused of Fraud in Receivables Financing
https://www.wsj.com/articles/bankrupt-telecom-business-accused-of-fraud-in-receivables-financing-0370b4fd

BloombergLaw Factoring-Firm Affiliate Files Chapter 11; Up to $1B Liabilities
https://news.bloomberglaw.com/bankruptcy-law/factoring-firm-affiliate-files-chapter-11-up-to-1b-liabilities

FreightWaves Factoring companies squeezed by slowing shipper payments: Alsobrooks
https://www.freightwaves.com/news/factoring-companies-squeezed-by-slowing-shipper-payments-alsobrooks

Bloomberg BOE’s Bailey Warns ‘Alarm Bells’ Ringing in Private Credit
https://www.bloomberg.com/news/articles/2025-10-21/boe-s-bailey-warns-of-financial-crisis-echoes-in-private-credit

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