Business Standard

Takata set to go for a $1.6-bn sale as judge okays its US bankruptcy plan

The US unit's reorganisation plan will include funds provided by automakers to help compensate those injured by the airbags

Takata
Premium

A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo, Japan

Reuters Wilmington
Takata Corp's US unit received court approval for its bankruptcy exit plan, a plaintiffs' law firm said on Saturday, clearing the way for a $1.6 billion sale of Takata assets and providing compensation for those injured by the company's deadly airbags.

Takata and its US unit, TK Holdings Inc, filed for bankruptcy last year in the wake of the largest automotive recall in history. The company's air bags can inflate with too much force and spray metal fragments and have been linked to hundreds of injuries and at least 22 deaths.
 
"We are pleased that Judge (Brendan) Shannon has approved what

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in