Giant of the auto parts sector tries to ensure liquidity and eliminate billionaire debt
Multinational Marelli, one of the world’s largest auto parts manufacturers, came in with one in the United States. The information is from Reuters.
According to the International Agency, the measure was taken based on Chapter 11 of the US Bankruptcy Code, which allows the company’s financial reorganization while its operations continue.
The decision occurs after prolonged difficulties in the market, aggravated by the crisis faced by automaker Nissan, one of his main business partners.
Billionaire debt and new financing
Marelli got the support of about 80% of creditors and made an emergency financing commitment of approximately $ 1.1 billion – the equivalent of R $ 6.1 billion.
The plan provides for the elimination of all the company’s guaranteed debt and an immediate reinforcement in its capital.
According to CEO David Slump, the challenging scenario of the automotive sector directly affected Marelli’s working capital, demanding a deep restructuring to preserve their activities and jobs.
Where did Marelli come from?
The company was created in 2019 after the merger between Italian Magneti Marelli (formerly belonging to Fiat Chrysler Automobiles) and Japanese Calsonic Kansei.
Both were bought by the Global Investment Manager KKR.
Now, with the new phase of restructuring, stock control will be transferred to a creditors consortium, according to Reuters.
History of crisis and hope in the future
This is not the first time Marelli has been having a court to deal with financial difficulties. In 2022, the company called the Japanese judicial system after accumulating a debt of over US $ 8 billion – about $ 33 billion at the time. Since then, it has been able to reduce this value almost in half.
Even with the new judicial process, the company said it will maintain all commitments with suppliers, customers and partners.
Industrial operations will normally follow, as well as investments in technological innovation in the automotive sector.
Among Marelli’s main clients are giants like Stellantis and Nissan herself.
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