06:54 AM EDT, 09/12/2025 (MT Newswires) -- Apollo Global Management ( APO ) has amassed a short position against the debt of First Brands Group, using a credit default swap that will pay off if the supplier fails to service its loans, the Financial Times reported Friday, citing people familiar with the matter.

The contract is reportedly a bespoke CDS written against FBG's loans, and Apollo has held the position for at least a year, paying substantial fees to maintain the short.

First Brands Group is an Ohio-based seller of windshield wipers and fuel pumps, and last month shelved a planned $6 billion loan deal due to concerns over its financial reporting, the news outlet reported.

FBG disclosed more than $2 billion of invoice-factoring facilities at the end of 2024 and has hired Deloitte for a quality-of-earnings review, the FT reported.

Apollo and First Brands Group did not immediately respond to MT Newswires' request for comment.

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