Takata unit TK Holdings wins exclusivity extension to finalize plan

By Caroline Salls

Pittsburgh, Nov. 20 – Takata Corp. subsidiary TK Holdings Inc. received an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, TK Holdings’s exclusive plan-filing period was extended through Jan. 21 from Oct. 23 and the solicitation period through Feb. 27 from Dec. 22.

The company said the extension “fulfills the crucial purpose of providing the debtors with an opportunity to finalize the global transaction documents, including the plan.”

“The filing of the plan is not merely possible, but highly likely,” the motion said.

Specifically, TK said the company, its consenting original equipment manufacturers and a plan sponsor have finalized several critical documents that support the plan, and a previously announced global accommodation agreement and restructuring support agreement “signify the consenting OEMs’ support and willingness to compromise in furtherance of ... executing the global transaction.”

The company said the extended exclusive periods will still allow it to file and solicit votes on the plan in advance of a deadline set in its plea agreement.

Tokyo-based Takata manufactures and sells motor vehicle seat belts, airbags, steering wheels, interior trims and child restraint systems. TK Holdings filed bankruptcy on June 25 under Chapter 11 case number 17-11375.

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