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Takata Seeks Approval For Former Execs' Benefits Deals

Law360, New York (January 18, 2018, 8:40 PM EST) -- Bankrupt air bag maker Takata wants a Delaware bankruptcy court to ratify settlements with seven former executives who currently receive company health benefits but, with court approval, would get cash in exchange for the termination of those benefits.

In the motion, filed Tuesday, Takata says seven former executives have agreed to accept lump sums. The deal exchanges what Takata estimated would have been a $3.1 million future lifetime liability for immediate payments totaling $395,000 as soon as U.S. Bankruptcy Judge Brendan Shannon signs off. The unnamed...
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