Takata subsidiary seeks precautionary two-month exclusivity extension

By Caroline Salls

Pittsburgh, Feb. 26 – Takata Corp. subsidiary TK Holdings Inc. requested a third extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

If approved, the company’s exclusive periods would be extended by 60 days through April 30.

With the court’s confirmation of its fifth amended joint Chapter 11 plan of reorganization on Feb. 16, the TK Holdings debtors said in the motion that they “achieved a significant milestone and are now working to expeditiously close the sale of substantially all their assets ... to the plan sponsor and emerge from Chapter 11.”

“Although the debtors are confident that they will be able to accomplish these goals within the next several weeks, out of an abundance of caution, the debtors seek an extension of their exclusive periods,” the motion said.

A hearing is scheduled for March 26.

Tokyo-based Takata manufactures and sells motor vehicle seat belts, airbags, steering wheels, interior trims and child restraint systems. TK Holdings filed for bankruptcy on June 25, 2017 under Chapter 11 case number 17-11375.

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