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Japan’s Marelli Holdings has retained Collected Strategies for a US bankruptcy filing as it seeks breathing space to iron out a months-long fight over its future that includes KKR, banks and debt groups, according to the Financial Times.
The paper calls Marelli “one of the world’s largest auto parts suppliers." The company has been hurt by the struggles of key customers including Nissan and Stellantis (owners of the Chrysler, Dodge, Jeep, Fiat, Peugeot, Alpha Romeo and Citroën brands).
Eighty percent of Marelli’s lenders support the Chapter 11 filing designed to deleverage its balance sheet and strengthen its liquidity position.
Marelli, according to CEO David Slump, had taken proactive steps to stabilize its finances and assure that it delivers long-term benefits to shareholders.
Though profitable, he said “industry-wide market pressures have created a gap in working capital that must be addressed” via a financial reorganization.
Collected Strategies has Scott Bisang, Dylan O’Keefe, Jude Gorman and Dan Moore representing Marelli.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
