Jefferies Plunge: First Brands Bankruptcy Shakes Investors

Jefferies Financial stock nosedived after First Brands' bankruptcy revealed a $45 million potential loss for the firm, tied to its Point Bonita Capital investment fund. Despite First Brands' $2.3 billion accounts receivable mess and accounting irregularities, Jefferies insists its exposure is limited and manageable, largely affecting outside investors. With a new $2.5 billion credit line from SMBC, Jefferies leadership aims to reassure investors at their upcoming meeting, emphasizing the company's financial stability and cooperation in the ongoing investigation.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.