I only became aware of the bankruptcy of automotive parts entity First Brands (Group) yesterday (10/07) after seeing this article.
https://seekingalpha.com/article/4828327-first-brands-bankruptcy-sends-shivers-through-clos-and-bdcs
Over 500 CLOs (Collateralized Loan Obligation) and BDCs (Business Development Company) involved. Both CLOs and BDCs involve pooled money. So there’s one level of mess right there. Then, there was a suggestion that the scope could be much bigger than the $10B figure thrown out.
Now BlackRock (BLK) and others, are pointing fingers, and seeking redemptions from a fund managed by Jeffries Group (JEF).
When names like BlackRock and Jeffries show up, one has moved a notch to big dog status.