Big-box retailer has struck a deal with lenders to eliminate almost all of its nearly $2 billion in funded debt and has secured around $200 million in capital to support its operations.

Marelli president and CEO David Slump said: "At Marelli, we have been proactive in making necessary adjustments to stabilize our financial position so that we can continue to deli

Marelli Holdings Co., a major supplier to Stellantis and Nissan Motor Co., owes the two customers a combined $767 million in unsecured debts, according to the company's Chapter 11 bankruptcy petition.

Nissan supplier Marelli Corp filed for Chapter 11 bankruptcy protection in the United States on Wednesday, the Japanese auto parts company said in a statement, after months of uncertainty about its talks with creditors.

Marelli Holdings Co., the struggling auto parts supplier for Stellantis NV, Nissan Motor Co. and other carmakers, plans to seek Chapter 11 bankruptcy protection in the U.S. to slash its debt burden and restructure under new ownership, according to people familiar with the matter.

KKR’s Marelli blames tariffs and lingering supply-chain issues stemming from the Covid-19 pandemic for its descent into chapter 11.

Marelli, which supplies components to Nissan and Stellantis, has struggled financially with the shift toward electrification and automation, leading to declining sales.

Marelli Holdings Co., the struggling auto parts supplier for Stellantis NV, Nissan Motor Co. and other carmakers, has filed for Chapter 11 bankruptcy protection in the U.S. as it seeks to slash its debt burden and restructure under new ownership.