No offer for Marelli, remains with creditors while Chapter 11 goes ahead

Marelli remains in the orbit of creditors, in the window set by the Chapter Eleven proceedings initiated in the US the company "has not received any superior offers, therefore, as stated in the previously disclosed Restructuring Support Agreement, Marelli expects to exit Chapter 11 in 2026 under the ownership of its principal lenders". Leading the way is the Strategic Value Partners fund, alongside Deutsche Bank, MBK Partners, Fortress Investment Group and Polus Capital Management.

The Group, a historical player in the automotive components sector sold by the then Fca to the Kkr Fund in 2018, also obtained the approval of all 'second day' motions and the final approval of some 'first day' motions by the US Bankruptcy Court. After the July 24 hearing, in fact," Marelli obtained access to an additional $130 million of the $1.1 billion Debtor In Possession ("DIP") financing from its lenders, which will allow the Company to continue to serve its customers and meet its post-petition obligations to suppliers and other creditors without interruption."

The 45-day window for completion of the competitive process in the Chapter 11 proceedings ended yesterday, 28 July, and in the absence of any suitable offers, the company will remain in the hands of creditors. "We are pleased to announce that Marelli continues to move forward in the Chapter 11 process, while ensuring the continuity of our day-to-day operations and our commitment to our customers, suppliers and employees," said David Slump, Marelli's Chairman and Chief Executive Officer.

We are therefore moving forward with 'the future owners', the CEO added in a note. "We are looking forward to working closely with the group of lenders to ensure a smooth transition of ownership upon exit from the proceedings". In the statement released in the morning, Marelli's main lenders reiterated their support for the company and its restructuring, which, they assured, 'will significantly reduce the company's balance sheet debt and strengthen its liquidity position, allowing the company to continue to serve the automotive industry. Our group looks forward to working with Marelli's team during this important process'.

Marelli was acquired by the American fund KKR el 2018, a year later came the merger with the Japanese of Calsonic Kansei, also under KKR, with the creation of the new Marelli group that has about 7,000 employees and 14 factories in Italy where on Thursday 31 July a meeting is scheduled at Mimit requested in recent weeks by the unions that fear repercussions on the industrial estate and employment within the Group.