Willkie Advises Deutsche Bank on Marelli’s Chapter 11 Restructuring and Super-Senior DIP Financing

June 16, 2025

Willkie represents Deutsche Bank AG, London Branch, as the sole lender under Marelli North America, Inc.'s $865 million first-out new money super-senior secured DIP facility (the "Super-Senior DIP Facility"). The Super-Senior DIP Facility represents the senior tranche of an aggregate $1.25 billion DIP financing, with the junior secured tranches being provided by certain prepetition secured lenders in the form of a $242 million second-out new money senior secured facility and a corresponding roll-up of certain prepetition secured loans, subject to final bankruptcy court approval.

On June 11, 2025, Marelli, a global technology partner to the automotive industry, and its global affiliates commenced voluntary chapter 11 cases in the United States Bankruptcy Court for the District of Delaware in order to comprehensively restructure its long-term debt obligations. In addition to advising Deutsche Bank on structuring the Super-Senior DIP Facility, Willkie played a significant role in negotiating the terms around Marelli's Restructuring Support Agreement, which was supported by approximately 80% of Marelli's lenders. On June 12, the Court granted Marelli interim approval to immediately access $519 million of the Super-Senior DIP Facility from Deutsche Bank.

The Willkie team is led by Restructuring partners Joseph G. Minias and Jennifer Hardy and Finance partners Daniel Durschlag and Weston T. Eguchi, and includes counsel Jessica Tjang, associates Christine Thain, Sean Daly, Kristopher Phipps, Alex Bisogno and Zachary Charlton, and law clerk Anthony Simon. The team also includes partners Michael Katz, David Mortlock, Britt Mosman, Matthew Makover and Isaac Silverstein, counsel William Thomas, and associates Joshua Baskin and Ahmad El-Gamal.

Joseph G. Minias Partner Restructuring New York jminias@willkie.com +1 212 728 8202

Jennifer Hardy Partner Restructuring Houston jhardy2@willkie.com +1 713 510 1766

Daniel Durschlag Partner Finance New York ddurschlag@willkie.com +1 212 728 8665

Weston T. Eguchi Partner Finance New York weguchi@willkie.com +1 212 728 8881

Jessica Tjang Counsel Finance San Francisco jtjang@willkie.com +1 415 858 7487

Christine Thain Associate Restructuring New York cthain@willkie.com +1 212 728 8913

Sean Daly Associate Finance New York sdaly@willkie.com +1 212 728 3544

Kristopher Phipps Associate Finance New York kphipps@willkie.com +1 212 728 3909

Alex Bisogno Associate Restructuring New York abisogno@willkie.com +1 212 728 3049

Zachary Charlton Associate Restructuring New York zcharlton@willkie.com +1 212 728 3672

Anthony Simon Law Clerk Finance New York asimon@willkie.com +1 212 728 3296

Michael A. Katz Partner Executive Compensation & Employee Benefits New York mkatz@willkie.com +1 212 728 8204

David Mortlock Partner Global Trade & Investment Washington dmortlock@willkie.com +1 202 303 1136

Britt Mosman Partner Global Trade & Investment Washington bmosman@willkie.com +1 202 303 1057

Matthew S. Makover Partner Intellectual Property New York mmakover@willkie.com +1 212 728 8739

Isaac Silverstein Partner Tax New York isilverstein@willkie.com +1 212 728 8920

William L. Thomas Counsel Environment, Health & Safety Washington wthomas@willkie.com +1 202 303 1210

Joshua Baskin Associate Tax New York jbaskin@willkie.com +1 212 728 8954

Ahmad El-Gamal Associate Global Trade & Investment Washington ael-gamal@willkie.com +1 202 303 1142

Restructuring Automotive Financial Services

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