Financial Engineering

My guess is that any description like the paragraph below (emphasis by TNB) is a red flag for future financial problems.

First Brands’ implosion is ripping through private credit – and lenders are scrambling to contain the fallout 

First Brands, founded in 2014 and owned privately by Singapore-born investor Patrick James, quickly grew through acquisitions of other auto parts companies across the U.S. It was fuelled by an assortment of off-balance sheet private debt and broadly-syndicated bank financing, as well as other non-traditional lending structures, much of which was backed by outstanding invoice receivables, factoring and other supply chain financing, often involving special purpose vehicles and collateralized loan obligations.