Takata unit asks court to extend plan-filing period through Feb. 27

By Caroline Salls

Pittsburgh, Jan. 22 – Takata Corp. subsidiary TK Holdings Inc. is seeking a second extension of its exclusive period for filing 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 filing period through Feb. 27 from Jan. 21.

As previously reported, the company obtained court approval of the disclosure statement for its previously filed plan on Jan. 3. TK Holdings said it has now begun to solicit votes on the plan and is “on track for confirmation in mid-February.”

Since the current exclusive period ended on Jan. 21, TK Holdings said it is requesting the extension to give the debtors “time to solicit, prosecute and, hopefully, confirm the plan without the distraction of a competing Chapter 11 plan.”

A hearing is scheduled for Feb. 13.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.