After the merger between Magneti Marelli and Calsonic Kanseiit wasn’t all plain sailing. Marelli Holdings, the fruit of that financial operation, had various economic difficulties. Its creditors, holders of more than 90% of the bank debt, have been thundering menacingly for some time. Now, in this very hot July also from the point of view of the automotive sector, the same creditors have approved a restructuring plan which should relaunch the business activities.
It will be the majority shareholder, the private equity firm KKR, to pay in new capital to strengthen industrial activities, while at the same time reducing indebtedness towards banks. The Tokyo district court also gave its ok to the operation.
“This capital restructuring operation is an important step forward for Marelli, as it will lay the foundations to create a solid platform for the future. The support of the lenders and KKR demonstrates their confidence in Marelli’s potential for the future“, Declared the president and CEO David Slump. “Now we can focus on implementing our revitalization plan, to put Marelli in the right conditions for the future. We will simplify his business, investing to build market leadership, collaborating with our customers on innovation and development and increasing efficiency. There is still a long way to go, but today is a milestone“, It reaffirmed.
Recently Marelli has developed a new and complete platform for silicon carbide inverters (SiC) from 800 Volts, in addition to the system Wireless distributed Battery Management System (wBMS), an architecture that eliminates or reduces the wiring typically required in battery management systems, giving greater flexibility to the entire electrical product. In short, in this historic era of the automotive world, Marelli could be favored by events: but first it will have to confirm that it is financially more ready and shrewd than in the past.
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