Marelli Starts Chapter 11 Proceedings in Delaware Court (1)

(Updates with detail from court filing in final bullet.)

Marelli Holdings starts chapter 11 and says it has secured commitment of $1.1 billion in debtor-in-possession financing from lenders, according to a statement.

• Says 100% of secured debt to be eliminated
• About 80% of lenders have signed an agreement to support the restructuring
• Estimated assets are between $1b-$10b and estimated liabilities are between $1b-$10b, according to a court filing
• NOTE: Auto Parts Supplier Marelli Plans Chapter 11 Bankruptcy Filing

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