Marelli Allowed to Hire PJT After Protest Over $35 Million Fee

A bankruptcy court approved Marelli’s request to retain PJT Partners, after an official committee of unsecured creditors complained the fee proposed by the investment banker.

• The order for retention was signed on Monday after the creditor committee filed the objection earlier this month, according to court documents
• The committee said at the time that PJT’s proposed fee structure, including a $35 million restructuring fee, was “far in excess of market standards”
  • The fee is “substantially higher” in an absolute amount and based on a percentage of funded debt, they said
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