Categories: Automobile

Japanese supplier Marelli enters court-led reorganization

[ad_1]

A key supplier for automakers Nissan and Stellantis, Marelli filed in March for an ADR procedure.

Nissan said in a statement that Marelli was “an important partner” and it would keep collaborating with it.

“Nissan believes that it is possible to continue stable business with Marelli and that there will be steady implementation of the rehabilitation plan for further growth,” it said.

Stellantis declined to comment.

Last month, the supplier selected current owner KKR as its sponsor in order to restructure the business, which would essentially keep it as a key Marelli stakeholder.

“Scheduled to conclude in early August, the capital restructuring will comprise an injection of new equity capital by Marelli’s current shareholder KKR, and the reduction of the company’s existing bank debt,” Marelli said in a statement.

About 95 percent of Marelli’s lenders agreed on the plan, but that still fell short of the unanimous approval an ADR process usually requires.

Some of the debt will be converted into equity, said the people, who asked not to be identified because the negotiations are not public.  

“KKR is pleased with what today’s result means for Marelli Holdings,” KKR said in an emailed statement.

“We are fully prepared to extend additional financing to Marelli, as needed, to ensure that the company operates its business as usual through the proceedings.”

[ad_2]
Source link
Admin

Recent Posts

Super Slot Games Review

Super slots provide the pinnacle of casino gaming with their interactive bonus rounds, captivating graphics,…

4 months ago

The Evolution and Impact of  Nanomedicine

Introduction to Nanomedicine Nanomedicine, a subfield of nanotechnology, involves the application of nanoscale materials and…

4 months ago

Chumba Online Casino Review

Chumba Casino provides an extraordinary online gaming experience. Its sweepstakes model allows players to win…

5 months ago

How to Find the Best Online Casinos to Play For Free

Online casinos provide quick, simple, and highly convenient gambling experiences for their players. Offering a…

5 months ago

How to Achieve a Flawless Complexion with the Right Products

Achieving a flawless complexion is a common skincare goal. With the right face care products, you can enhance…

5 months ago

Creating Ideal Matches: The Mutual Selection of Clients and Businesses

Shared values and goals, transparency, understanding each other's needs, communication, and respecting boundaries are vital…

5 months ago