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First Brands’ financial tune up raised red flags that Wall Street overlooked

When a credit fund sought to provide factoring financing and invest in the credit facilities of First Brands a few years ago, the fund made a routine request to access data rooms for each of the facilities. The response was swift and telling.

“We were told no very quickly after we made the requests,” said an investor at the fund. “Probably because they didn’t want us to compare information in the two different data rooms. We thought it’s an instant red flag.”

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