Takata Gets Nod On Unusual Bankruptcy Financing Deal
Law360, Wilmington (October 2, 2017, 7:02 PM EDT) -- A Delaware bankruptcy judge agreed Monday to give final approval to Takata Corp.’s unusual post-petition financing arrangement with its big-name automaker customers, expected to free up roughly $300 million in liquidity, after hearing they had resolved differences over funding with the tort claimant committee.
During a hearing in Wilmington, Delaware, U.S. Bankruptcy Judge Brendan L. Shannon said he was “prepared to sign” a final order for what the players in the case call an accommodation agreement with the automakers, which include top companies like Toyota Motor Corp., Ford Motor Co. and Honda Motor Co. Ltd., that has them forgoing some payment...
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