Mexican Media Brands
Creditors Seek $33 Billion from Bankrupt Takata
Takata Corp.’s creditors figure the bankrupt company owes them 3.8 trillion yen ($33 billion) to cover the cost of recalling some 125 million defective airbag inflators.
#legal
Share
Takata Corp.’s creditors figure the bankrupt company owes them 3.8 trillion yen ($33 billion) to cover the cost of recalling some 125 million defective airbag inflators.
But their claims are 50 times the 78 billion yen ($686 million) in cash and securities Takata has available, Reuters reports.
Takata sought bankruptcy protection in June. Michigan-based Key Safety Systems Inc. has agreed to buy the company’s assets, excluding its inflator operations, for $1.6 billion.
Takata’s restructuring plan recognizes 1.1 trillion yen ($9.7 billion) in overall debt, including a mere 600 billion yen ($5.3 billion) in recall-related costs, according to Reuters. The news service says Takata plans to file a final restructuring plan to the Tokyo District Court by Nov. 27.
RELATED CONTENT
-
Report: Ghosn Kept List of Hidden Compensation
Japanese prosecutors have found a list apparently created by former Nissan Motor Co. Chairman Carlos Ghosn that charts compensation the company didn’t report but he expected to receive, The Nikkei says.
-
VW Is Storing Nearly 300,000 Repurchased Diesels in U.S.
Volkswagen AG has stashed about 294,000 diesel-powered cars across the U.S. that it bought back from customers after admitting the vehicles were rigged to evade U.S. emission laws.
-
Grand Jury Indicts Former FCA Executive In Union Payoff Scheme
A former labor relations executive at Fiat Chrysler Automobiles NV has been charged with making more than $2.2 million in illegal payments to himself and a United Auto Workers union official in Detroit.