Apollo Has Short Position Against Debt of First Brands Group: FT

Apollo Global Management has amassed a short position against the debt of First Brands Group, Financial Times reports, citing five unidentified people familiar with the matter.

• Apollo holds a credit default swap against First Brands
  • Derivative contract means that Apollo will profit if FBG fails to continue paying its debts
• In order to short FBG’s private debt, Apollo obtained a bespoke contract written against the company’s loans
  • Apollo held the position for at least a year; paid significant fees to maintain the short
• Apollo declined to comment: FT
  • FBG did not respond to a request for comment

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