Japan's Marelli to file for Chapter 11 as debt workout plan stalls
TOKYO -- Japanese auto parts maker Marelli Holdings will file for Chapter 11 bankruptcy protection with a U.S. court, after negotiations for a private debt workout stalled, according to sources familiar with the matter.
Marelli, owned by U.S. investment company Kohlberg Kravis Roberts, intends to select a new sponsor to rebuild its business while continuing operations, with its assets preserved under court protection. The Chapter 11 application will be filed with the U.S. Bankruptcy Court in Delaware.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nikkei Asia
an hour ago
- Nikkei Asia
Trump tariffs' fate tied to Nixon-era case with zipper maker YKK
TOKYO -- A ruling by a U.S. trade court finding much of President Donald Trump's tariff regime illegal, turning a spotlight on the constitutional separation of powers, hearkens back to a case five decades ago in which a Japanese company spurred courts to hit the brakes on a president's trade policy. The U.S. Court of International Trade on May 28 found that Trump's sweeping "reciprocal" tariffs, as well as duties targeting Canada, Mexico and China over their alleged failure to curb the flow of fentanyl into the country, were "unlawful." An appeals court temporarily reinstated the duties the following day.
2 hours ago
Ishiba Says Japan, U.S. Apart in Tariffs Talks
News from Japan Politics Jun 12, 2025 20:59 (JST) Tokyo, June 12 (Jiji Press)--Japanese Prime Minister Shigeru Ishiba told opposition leaders on Thursday that Tokyo and Washington are considerably apart in negotiations over U.S. tariffs, people familiar with the conversations said. Ishiba said the Japan-U.S. negotiations are focused on investment rather than tariffs, adding that Tokyo will not rush into a quick agreement with Washington at the risk of undermining its national interests. He said that Japan focuses on mutual interests, economic security and the expansion of bilateral trade. Japan will not sacrifice agricultural products for automobiles, he said. Ishiba held the talks with opposition leaders to win support from them over the tariff negotiations. He apparently thinks that winning cooperation with them will help him avert a no-confidence motion. Leaders of opposition parties who met with Ishiba on Thursday included Yoshihiko Noda of the Constitutional Democratic Party of Japan, Seiji Maehara of Nippon Ishin no Kai (Japan Innovation Party) and Yuichiro Tamaki of the Democratic Party for the People. [Copyright The Jiji Press, Ltd.] Jiji Press
Kyodo News
2 hours ago
- Kyodo News
Japan PM hopes for progress in U.S. tariff talks, in no rush for deal
KYODO NEWS - 5 hours ago - 14:37 | All, World, Japan Prime Minister Shigeru Ishiba said Thursday that Japan aims to make progress in ongoing tariff negotiations with the United States but will not sacrifice its national interests to reach a deal quickly. Ishiba made the remarks ahead of a possible meeting with U.S. President Donald Trump on the sidelines of a Group of Seven leaders' summit to be held in Canada from Sunday. Japan's chief tariff negotiator Ryosei Akazawa is expected to hold another round of negotiations with the United States on Friday, setting the stage for the meeting between the leaders. Through rounds of ministerial negotiations, Japan has been urging the United States, its closest ally, to rethink its tariff policy and to explore a deal that can be mutually beneficial. Ishiba has made the case that increased Japanese investment will help create jobs in the United States. "It'd be good to see certain progress made before meeting with the president at the G7. But what matters is a deal that benefits both Japan and the United States," Ishiba told reporters. "We will not prioritize reaching a deal quickly and undermine national interests," he added. Ishiba's remarks came after U.S. Treasury Secretary Scott Bessent, a key figure in the bilateral tariff talks, said Wednesday the United States could extend its current 90-day pause on the implementation of "reciprocal" tariffs if trading partners engage in negotiations "in good faith." The pause, if not extended, would expire in early July. Trump separately said his administration is prioritizing negotiations with key trading partners like Japan and South Korea, adding that it will send out letters in "about a week and a half to two weeks" to inform them of what their trade deals would look like. Ahead of his planned trip to Canada, Ishiba held talks with leaders from the opposition bloc to share the status of bilateral tariff negotiations and explain how his government is approaching the challenge, the prime minister told reporters. The imposition of higher U.S. tariffs on imported cars, auto parts, steel and aluminum has already caused uncertainty about how Japan's export-driven economy will fare. Japan also faces a reciprocal tariff rate of 24 percent, including the 10 percent baseline duty already in place. Related coverage: Bessent says 90-day tariff pause could be extended for key partners Japan, U.S. eye Ishiba-Trump summit in Canada on G7 margins Japan's top negotiator eyes U.S. trip this week for 6th tariff talks
