Jefferies (JEF) Extends Losses to 8th Day Amid Exposure to First Brands Bankruptcy

We recently published 10 Stocks Taking a Nosedive.Jefferies Financial Group Inc. (NYSE:JEF) is one of the worst performers on Wednesday.

Jefferies extended its losing streak to an 8th consecutive day on Wednesday, dropping 7.88 percent to finish at $54.44 apiece, as investors sold off positions amid its exposure to First Brands’ bankruptcy protection filing.

In a disclosure to the Securities and Exchange Commission, Jefferies Financial Group Inc. (NYSE:JEF) said that its subsidiary—Apex Credit Partners LLC—lent $48 million to First Brands.

While it said that the amount only equates to 1 percent of Apex’s collateralized loan obligations assets, investors sold off positions to mitigate risks amid uncertainties from the request for bankruptcy protection.

Jefferies Financial Group Inc. (NYSE:JEF) said it has yet to receive any information regarding the results of the investigation, adding that it was in constant communication with First Brands’ advisors to determine the impact of the filing.

“Jefferies owns no other securities or obligations issued by First Brands,” Jefferies Financial Group Inc. (NYSE:JEF) said.

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Disclosure: None. This article is originally published at Insider Monkey.