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data-vars-cardtype="card" data-vars-storyid="11737635476529" data-vars-storytype="story" data-vars-pos="vertical" data-vars-section="Companies" data-vars-agency="Bloomberg" data-vars-firstpublisheddate="2025-01-23T18:01:16+05:30" data-vars-subsection="Company Results" data-vars-inlineads="false" data-vars-orderid="1"><div class="storyPage_storyBox__zPlkE"><div class="storyPage_slugsHolder__PCqLY"></div><h1 id="article-0">Stellantis Supplier CLN Seeks 90% Writedown on Its Bank Debt</h1><h2 class="storyPage_summary__Ge5SX">Italian car-parts manufacturer CLN-Coils Lamiere Nastri SpA asked bank creditors to write down about 90% of their unsecured loans as it seeks to drastically reduce its debt amid the crisis in the automotive sector.</h2><div class="storyPage_authorSocial__Thgmm"><div class="storyPage_authorInfo__zIDsr"><div class="storyPage_authorDesc__zPjwo">Bloomberg<!-- --><div class="storyPage_date__JS9qJ storyPage_top__RFRL3">Published<!-- --><span>23 Jan 2025, 06:01 PM IST</span></div></div></div></div><div id="adfreeDivMobile" class="jsx-9de8d17559765f1b mobileAd"><div id="pushDownAd" class="jsx-9de8d17559765f1b adHolder adHolderTop"><div id="div-gpt-ad-1536154373501-0" class="jsx-9de8d17559765f1b"></div></div></div><figure><img src="https://www.livemint.com/lm-img/img/2024/12/06/600x338/company_3_1733465099406_1733465108677.png" alt="Stellantis Supplier CLN Seeks 90% Writedown on Its Bank Debt" width="655" height="368" title="" sizes="" class=""/><figcaption>Stellantis Supplier CLN Seeks 90% Writedown on Its Bank Debt<!-- --></figcaption></figure><div class="storyPage_storyContent__m_MYl"><div id="article-index-0" class="storyParagraph"><p> (Bloomberg) -- Italian car-parts manufacturer CLN-Coils Lamiere Nastri SpA asked bank creditors to write down about 90% of their unsecured loans as it seeks to drastically reduce its debt amid the crisis in the automotive sector. </p></div><div id="article-index-1" class="storyParagraph"><p> Earlier this month, the Turin-based supplier to Stellantis NV sent a restructuring proposal to creditors that hold more than €300 million ($312 million) of loans, according to people familiar with the matter. Under the plan, lenders would receive equity-like financial instruments and the company would sell some of its assets, the people said, asking not to be identified discussing private information. </p></div><div id="article-index-2" class="storyParagraph"><p> Gabriele Perris Magnetto, the chief executive officer of CLN, declined to comment. </p></div><div id="article-index-3" class="storyParagraph"><p> The plan is an early proposal and can still change as negotiations continue, but it underscores the difficulties auto suppliers face as orders from carmakers dry up. Stellantis, one of CLN’s largest customers, saw steep declines in vehicle shipments in recent months, recording a 20% drop in the third quarter and a 9% in the fourth. </p></div><div><div class="lazy-loaded"></div></div><div id="article-index-4" class="storyParagraph"><p> The supplier was founded after World War II by Mario Magnetto, whose family still controls a 75% stake, while steelmaker ArcelorMittal SA owns the remainder. Based near the historic Turin headquarters of Fiat — now one of the Stellantis brands — CLN expanded in Europe, Latin America, China and South Africa in recent years. </p></div><div id="article-index-5" class="storyParagraph"><p> The company has been under court protection from creditors since October, according to a corporate filing. A €50 million bond was due in November. </p></div><div id="article-index-6" class="storyParagraph"><p> --With assistance from Alberto Brambilla. </p></div><div id="article-index-7" class="storyParagraph"><p> (Updates with CEO comment in third paragraph and further details in last.) </p></div><div id="article-index-8" class="storyParagraph"><p> More stories like this are available on <a href="https://www.bloomberg.com">bloomberg.com</a> </p></div><div id="article-index-9" class="storyParagraph"><p> ©2025 Bloomberg L.P. </p></div></div><div class="storyPage_seoTxt__FaEST" id="seoText"><p>Catch all the <a href="https://www.livemint.com/">Business News </a>, <a href="https://www.livemint.com/companies" > Corporate news </a>, <a href="https://www.livemint.com/news">Breaking News </a>Events and <a href="https://www.livemint.com/latest-news">Latest News </a> Updates on Live Mint. 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