On June 11, global automotive parts giant Marelli Group announced in an announcement that it had initiated U.S. Chapter 11 proceedings to strengthen financial position and facilitate a value-maximizing restructuring.

According to the announcement, Marelli had reached a Restructuring Support Agreement (RSA) with approximately 80% of its lenders and secured a commitment of USD 1.1 billion in debtor-in-possession (DIP) financing to maintain operations. Additionally, Indian multinational auto parts manufacturer Samvardhana Motherson Group (SMRP BV) has submi…