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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.
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oele Frank works for satellite operator Iridium Communications as it gets acquired by space company Rocket Lab in a deal worth $8B.
