Nissan Marily’s resource, Chapter 11 files, gets $ 1.1 billion in new financing

Marelli Marelli Corp, suppliers in Tokyo (Reuters) -Marelli Corp said in Chapter 11 bankruptcy protection in the United States on Wednesday, said Marelli Corp in Chapter 11 Banking in the United States on Wednesday.

The interior designs maker of cars and lighting, owned by the KKR private stock company, said it had obtained an obligation of $ 1.1 billion of financing from its lenders, and that about 80 % of the lenders signed an agreement to support its restructuring.

“During this process and moving forward, Marelli does not expect any operational effect of Chapter 11,” he said in a statement.

Marley said 100 % of her guaranteed debt would also be canceled. Total debt obligations of about $ 4.9 billion, according to the court on Wednesday.

The company’s position was closely monitored as a major resource for Nissan, who is struggling to turn himself.

Marily said in the deposit that the World Trade War also affected the liquidity site due to the suppliers focused on the supplier and the definitions imposed on the auto industry.

Marily said that the $ 1.1 billion new financing lenders would take business ownership as soon as it appears from Chapter 11, according to the so -called “Operation” that is called “other parties that can be provided to them.

The company included both assets and liabilities in the range of $ 1 billion to 10 billion dollars, according to the court’s presentation.

The bankruptcy also breaks a dilemma between the Japanese lenders and the group dedicated to the great lenders, and the two groups of opposition banks hold a stake in Marley’s loan facilities.

The Mizuho Financial Group, the third largest bank in Japan and a member of the Japanese lending group, said in a statement that its basic unit has spanned 237.6 billion yen ($ 1.64 billion) in lending to Marelli. She has already taken the necessary judgments and expected that the influence on her profits would be small. Mezoho said that she will not review her unified profit expectations.

Kyodo News said last week that Marelli was looking into Chapter 11 to ensure that its operations were not stopped in the event of talks with creditors.

“We are appreciating Marily’s efforts to reduce operational disorder,” Nissan said in a statement, adding that she is committed to Marley’s support and coordination with other Marily agents and monitoring the supply chain to prevent the turmoil.

Marelli was created in 2019 by Magneti Marelli and Japan’s Calsonic Kansei. Fiat Chrysler, who is now part of Stelantis, Magneti Marelli, has sold to Calsonic Kansei, owned by KKR, for 5.8 billion euros (6.66 billion dollars).

Nikki newspaper reported at the time that Marelli has developed a restructuring plan that included a purchase by the MotherSon Group in India, adding that the proposal was unable to bridge the gap between Japanese and foreign creditors at that time.

($ 1 = 144.6800 yen)

($ 1 = 0.8709 euros)

(David Doulan’s coverage in Tokyo and Ribaha Jaiswal participated in the coverage of Miho Uranaka and Terry Dasopta; edited by Puja Disai, Edwina Gibbs and Emilia Sithul Matarez)