Takata subsidiary asks court for three-month exclusivity extension

By Caroline Salls

Pittsburgh, Oct. 23 – Takata Corp. subsidiary TK Holdings Inc. requested an extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to a motion filed with the U.S. Bankruptcy Court for the District of Delaware.

Specifically, TK Holdings is asking the court to extend its exclusive plan-filing period through Jan. 21 from Oct. 23 and the solicitation period through March 22 from Dec. 22.

The company said the requested 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 dates proposed in the motion will still allow it to file and solicit votes on the plan in advance of a deadline set in its plea agreement.

A hearing is scheduled for Nov. 20.

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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