(Bloomberg) — Bankrupt auto-parts supplier Marelli Holdings Co. won court approval to borrow $518.9 million to help fund its reorganization after delaying a request for some parts of a financing package questioned by a federal bankruptcy watchdog.
The loan, which is being provided by Deutsche Bank and other senior Marelli lenders, will need to be approved in two stages, which is typical in large corporate bankruptcy cases. The company will return to court in the coming weeks to seek final approval from US Bankruptcy Judge Craig Goldblatt for the full, $1.1 billion financing package.
Marelli delayed seeking approval of some aspects of the financing package in order to resolve concerns from the US Trustee, which oversees bankruptcy…
