KKR-owned Marelli files for court-led rehabilitation proceedings

TOKYO (Reuters) -Marelli Holdings Co, a Japanese auto parts supplier owned by private equity firm KKR & Co, said on Friday it filed for court-led rehabilitation proceedings after a voluntary debt workout failed to gain full support.

Marelli, a key supplier for Stellantis and Nissan Motor Co, was created in 2019 after Fiat Chrysler Automobiles sold its car parts unit Magneti Marelli to Calsonic Kansei for 5.8 billion euros ($6.5 billion).

“We are fully prepared to extend additional financing to Marelli, as needed, to ensure that the company operates its business as usual through the proceedings,” a KKR spokesperson said.

Nissan said in a statement that Marelli was “an important partner” and it would keep collaborating with it.

“Nissan believes that it is possible to continue stable business with Marelli and that there will be steady implementation of the rehabilitation plan for further growth,” it said.

(Reporting by Miho Uranaka and Makiko Yamazaki; editing by Edmund Blair amd Jason Neely)