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Automobiles

KKR-owned Marelli's lenders give green light to debt workout plan

Voluntary settlement would keep auto parts maker in business and out of court

Jeep Grand Cherokee SUVs move along a Detroit assembly line. Marelli is a key supplier to automaker Stellantis.   © Reuters

TOKYO -- Creditors of struggling Marelli Holdings unanimously agreed Monday to move forward with a voluntary debt reorganization plan that aims to keep one of the world's largest auto parts makers afloat and running.

All 26 financial institutions approved the alternative dispute resolution plan in their first meeting since KKR-owned Marelli filed for the procedure last week.

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