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U.S. Judge Okays Creditor Vote on Takata Bankruptcy Plan
The federal judge presiding over the bankruptcy proceedings for Takata Corp.’s U.S. operations has cleared the way for creditors to vote on a Chapter 11 restructuring plan for the unit.
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The federal judge presiding over the bankruptcy proceedings for Takata Corp.’s U.S. operations has cleared the way for creditors to vote on a Chapter 11 restructuring plan for the unit.
The affiliate, TK Holdings Inc., filed for bankruptcy protection in June. Yesterday Judge Brendan Shannon in Wilmington, Del., reviewed more than two dozen requests to modify the plan. Critics say the scheme favors carmakers who must pay to replace the explosion-prone inflators over owners who were affected by the misfiring devices.
The inflators have been blamed for 18 deaths and roughly 200 injuries. The crisis prompted 19 carmakers to recall some 100 million of the inflators worldwide.
Shannon is scheduled to conduct a final confirmation hearing on Feb. 13.
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