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Investing.com -- Nissan (OTC:NSANY) supplier Marelli Corp filed for Chapter 11 bankruptcy protection in the United States on Wednesday, according to a statement from the Japanese auto parts company.
The filing comes after months of uncertainty regarding Marelli’s discussions with its creditors. The company, which specializes in manufacturing car interiors and lighting components, is owned by private equity firm KKR.
In its statement, Marelli announced it had secured a commitment of $1.1 billion in financing from its lenders. The company also revealed that approximately 80% of its lenders had already signed an agreement to support its restructuring plan.
Marelli emphasized that it does not anticipate any operational disruptions resulting from the Chapter 11 process. "Throughout this process and moving forward, Marelli does not expect any operational impact from the Chapter 11 process," the company stated.
As part of the restructuring, Marelli indicated that 100% of its secured debt would be eliminated.
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