Takata Paves Way For Ch. 11 Exit With Tort Committee Deal
Law360, Wilmington (February 12, 2018, 12:50 PM EST) -- Takata came to a major settlement over the weekend with the committee representing those suing for wrongful death, personal injury and other claims connected to the deadly air-bag inflators that prompted its bankruptcy, clearing away what was expected to be stiff opposition to the company’s Chapter 11 plan confirmation.
The deal filed Saturday channels recoveries for tort claimants into a trust akin to how asbestos bankruptcies handle claims, a procedure that was already floated by Takata in its Chapter 11 plan documents, but now has the support of the official committee of unsecured tort claimant creditors.
The tort committee had not...
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