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U.S. Court Approves Takata Bankruptcy Exit Plan
A bankruptcy court in Delaware has approved a Chapter 11 restructuring plan for the U.S. unit of airbag supplier Takata Corp.
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A bankruptcy court in Delaware has approved a Chapter 11 restructuring plan for the U.S. unit of airbag supplier Takata Corp.
Reuters notes that Judge Brendan Shannon’s ruling on Saturday clears the way for Takata to sell most of the assets of TK Holdings Inc. to Michigan-based Key Safety Systems Inc. for $1.6 billion. Key was acquired in 2016 by China’s Ningbo Joyson Electronic Corp.
Reuters says a Takata lawyer told Shannon that the U.S. government’s review of the planned asset sale will be completed by March 26.
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