Japan's Marelli files for Chapter 11 as debt workout plan stalls
TOKYO -- Japanese auto parts maker Marelli Holdings announced Wednesday that it has filed for Chapter 11 bankruptcy protection through a U.S. court, after negotiations for a private debt workout stalled.
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 was filed with the U.S. Bankruptcy Court in Delaware.
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