TOKYO — Japanese auto parts maker Marelli Holdings will file for Chapter 11 bankruptcy protection with a U.S. court, after negotiations for a private debt workout stalled, according to sources familiar with the matter.
Marelli, owned by U.S. investment company Kohlberg Kravis Roberts, intends to select a new sponsor to rebuild its business while continuing operations, with its assets preserved under court protection. The Chapter 11 application will be filed with the U.S. Bankruptcy Court in Delaware.
