A key supplier for automakers Nissan and Stellantis, Marelli filed in March for an ADR procedure.

Nissan said in a statement that Marelli was “an important partner” and it would keep collaborating with it.

“Nissan believes that it is possible to continue stable business with Marelli and that there will be steady implementation of the rehabilitation plan for further growth,” it said.

Stellantis declined to comment.

Last month, the supplier selected current owner KKR as its sponsor in order to restructure the business, which would essentially keep it as a key Marelli stakeholder.

“Scheduled to conclude in early August, the capital restructuring will comprise an injection of new equity capital by Marelli’s current shareholder KKR, and the reduction of the company’s existing bank debt,” Marelli said in a statement.

About 95 percent of Marelli’s lenders agreed on the plan, but that still fell short of the unanimous approval an ADR process usually requires.

Some of the debt will be converted into equity, said the people, who asked not to be identified because the negotiations are not public.  

“KKR is pleased with what today’s result means for Marelli Holdings,” KKR said in an emailed statement.

“We are fully prepared to extend additional financing to Marelli, as needed, to ensure that the company operates its business as usual through the proceedings.”

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