Stellantis has not rejected Marelli’s plan to emerge from Chapter 11, but it wants clearer terms for its support before the restructuring reaches its final stage. On September 1, FCA US filed a limited objection with the Delaware bankruptcy court focused on the plan’s disclosure documents, signaling that the two companies have not yet reached a satisfactory agreement.
Stellantis seeks clearer terms before backing Marelli’s Chapter 11 exit plan
In the court filing, FCA US describes itself, together with the other Stellantis companies, as Marelli’s largest customer worldwide and its biggest non-bank creditor. Any change in supply arrangements or commercial terms could therefore affect the component maker’s projected revenue and the liquidity it needs to continue operating.
The restructuring assumes that Marelli will sign specific agreements with its major automaker customers. These contracts, referred to in the proceedings as OEM Accommodation Agreements, define how customers will continue supporting the supplier during and after the restructuring. If those agreements fail to materialize or contain terms that differ from the assumptions used in Marelli’s forecasts, the company may need to revise its Restructuring Support Agreement and the treatment assigned to certain creditor groups.
FCA US nevertheless said it supports approval of the Disclosure Statement and intends to continue negotiations. The company also stressed that it has no obligation to sign an agreement and reserved the right to challenge future revisions to the documents or the eventual confirmation of the restructuring plan. BMW Manufacturing took a similar position on the same day, filing a reservation of rights because its own commercial agreement with Marelli also remained unresolved.
Marelli filed for Chapter 11 protection on June 11, 2025, with roughly 80 percent of its lenders already supporting the restructuring proposal. The court later approved financing to keep operations running during the proceedings, and that funding expanded further in 2026. Plants and deliveries have continued operating, but Marelli’s recovery still depends on reducing debt and retaining orders from major automakers.
The hearing on the adequacy of the Disclosure Statement is scheduled for September 8. FCA US’s filing therefore forces Marelli to resolve key issues with its largest customer without turning Stellantis into an opponent of the restructuring as a whole. Reaching an agreement before approval would make the plan’s projections more credible and reduce the risk of further disputes during the confirmation stage.
