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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.
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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.
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