n the debut episode of Fixed + Floating, Josef Pschorn sits down with Jared Muroff, Head of Special Situations at Octus, to examine the collapse of First Brands. We explore what went wrong, the market implications, and key lessons for credit investors and professionals navigating stressed corporate credit.

Jared Muroff, CFA, brings over a decade of buy-side and restructuring experience, including senior roles at Balbec Capital and ASM Capital. He shares insights into working capital finance, distressed situations, and Chapter 11 mechanics, providing guidance on how investors can assess and respond to credit risk in today’s markets.

This episode breaks down:

• The root causes of the First Brands collapse

• How working capital financing fueled the crisis

• The mechanics and implications of its Chapter 11 restructuring

• Rising legal fees and hidden bankruptcy costs

• Recovery prospects and actionable trade ideas

• How investors should think about pricing credit risk today

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