Stellantis in talks to rescue critical supplier:CLN-Coils Lamiere Nastri

[AlexB]

• Stellantis NV has pledged to pay more than the contracted price for some CLN-Coils Lamiere Nastri SpA components as part of a wider proposal to keep its struggling supplier afloat.
• The carmaker would pay CLN almost 3% more on its Italian supply contracts,

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*The carmaker is also in talks to buy CLN plants in Poland and Brazil, they said.

"The renegotiation of the CLN contracts with Stellantis is a crucial part of a broader overhaul aimed at reducing the company’s debt pile. In a first draft submitted to creditors at the start of the year, CLN had proposed to slash its unsecured debt by 90%, Bloomberg News reported. "

"Bank lenders pushed back against the initial proposal, and talks are still ongoing to determine the size of the debt cut, the people said. CLN is aiming to strike a deal by October, when a creditor protection procedure supervised by an Italian court ends, they said."

Stellantis to Improve Contract Terms in Bid to Save Key Supplier

Stellantis NV has pledged to pay more than the contracted price for some CLN-Coils Lamiere Nastri SpA components as part of a wider proposal to keep its struggling supplier afloat.

www.bloomberg.com