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How Apollo, Soros and others spotted red flags at First Brands

Used spark plugs on road surface
Photo: Getty Images

Small group of lenders avoided losses on car parts supplier’s collapse by refusing credit or cutting exposure.

17 November, 2025 by Julie Steinberg and Robert Smith in London and Eric Platt in New York

Years before the implosion of First Brands sparked huge losses for some of the biggest names on Wall Street, Apollo Global Management endured a less well-publicised fiasco involving a smaller car parts supplier.

Apollo took