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KKR-Owned Marelli Seeks Court-Led Rehabilitation: Bloomberg

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  • KKR & Co Inc (NYSE: KKR) owned auto-parts supplier, Marelli Holdings Co, is set to opt for court-led rehabilitation after failing to execute an alternative dispute resolution (ADR) process, Bloomberg reported.

  • The dispute resolution process in Japan lets Marelli operate despite its financial strain after renegotiating its debt with creditors.

  • The court-led dispute resolution process may take a month.

  • Marelli had filed for ADR in March 2022 and had opted for KKR to be its sponsor for the process.

  • "Scheduled to conclude in early August, the capital restructuring will comprise an injection of new equity capital by Marelli's current shareholder KKR, and the reduction of the company's existing bank debt," the report quoted Marelli.

  • The report added that Marelli, which supplies auto parts for companies including Nissan Motor Co., Ltd. (OTC: NSANY) and Stellantis N.V. (NYSE: STLA), is asking for the waiver of its 450 billion yen ($3.3 billion) debt.

  • Price Action: KKR shares closed higher by 1.24% at $46.39 on Thursday.

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