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.

Stellantis NV is recommitting to US factory investments agreed to more than a year ago as the maker of Jeep sport utility vehicles seeks the good graces of President Donald Trump.

The United Automobile Workers union has been pressing the automaker, which owns Chrysler and Jeep, to revive the plant in Belvidere, Ill.

Stellantis is doubling down on its U.S. operations following a meeting between its chairman and Trump. Read more.

The move is related to the company’s decision to delay the REV’s 2025 debut and come to market first with the 1500 Ramcharger.

Announcement comes after John Elkann, chair of the Chrysler and Fiat owner, met Donald Trump ahead of his inauguration

STLA Large will provide the backbone for future Dodge, Jeep, Alfa Romeo, Chrysler, Maserati models. Other Stellantis models are expected to use the platform as well. So far, the new incoming all-electric Jeep Wagoneer S and Jeep Recon EVs utilize STLA Large, along with the inbound Dodge Charger EV.

Saving the Belvidere factory from permanent closure was a key part of a new contract with the United Auto Workers in 2023. Stellantis originally agree to make an electric truck at Belvidere, create a new EV battery facility and expand its parts-distribution facility into a regional megahub.

Stellantis Chairman John Elkann has spent four days in Washington meeting with incoming U.S. President Donald Trump and several top administration officials, two people familiar with the matter told Reuters on Tuesday.

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.

Stellantis will also be upgrading its U.S. auto plants across the country — investing $1.2 billion in the Belvidere plant.