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Marelli Holdings Co., the struggling auto parts supplier for Nissan Motor Co., Stellantis NV and other carmakers, has filed for Chapter 11 bankruptcy protection in the US as it seeks to slash its debt burden and restructure under new ownership.

About “80% of the company’s lenders have signed an agreement to support the restructuring, which will deleverage Marelli’s balance sheet and strengthen its liquidity position,” Marelli said in a statement. It added it does not expect the process to have any operational impact on its business.

Marelli has received a commitment for $1.1 billion in debtor-in-possession financing from its lenders. Upon Court approval, this amount, coupled with cash generated from the company’s ongoing operations, is “expected to provide sufficient liquidity to support the company through the Chapter 11 process,” Marelli said.