Special Purpose Vehicles and Carnaby Structure

Robert Smith, Corporate Finance Editor at the FT, joins Jack to discuss the recent $12 billion bankruptcy of First Brands Group that has shocked the financial world. He explains the history of First Brands, its collapse, and the company’s ongoing bankruptcy proceedings. Robert also discusses the larger world of private credit and if First Brands is the first of many ‘credit cockroaches.’ The bankruptcy is of particular interest given the fact that it could be a signal of further problems on the horizon of the private credit market. Recorded on November 21st, 2025.

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First Brands Collapse in a Nutshell https://on.ft.com/48ptTUu