The sudden unravelling of an American manufacturer of car parts has rung alarm bells on Wall Street about risky lending in private debt markets. First Brands, which has borrowed billions of dollars in private markets, filed for Chapter 11 protection on Sunday night in the Southern District of Texas. Court filings disclosed total liabilities of $11.6 billion, including about $9.3 billion of debt obligations.Analysts are calling it a “free fall bankruptcy” because the company is entering bankruptc...