Millennium Takes $100 Million Hit in Collapse of First Brands
A mechanic works on a vehicle at an auto repair shop in Memphis on Sept. 29.
Photographer: Houston Cofield/BloombergMillennium Management is one of the biggest Wall Street names to get hit by the sudden unraveling of the auto-parts supplier First Brands Group.
An investing team at Millennium led by Sean O’Sullivan took a writedown on a First Brands bet as the supplier slid toward bankruptcy, according to people with knowledge of the matter. The loss is expected to total about $100 million, one of the people said.