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Takata, Buyer, Creditors Agree On Ch. 11 Sale Protections

Law360, Wilmington (December 5, 2017, 10:20 PM EST) -- Takata Corp.’s prospective buyer agreed Tuesday to trim deal and expense protections for its planned $1.6 billion Chapter 11 purchase after a daylong Delaware bankruptcy court argument over the bankrupt vehicle air bag maker’s restructuring support agreement.

The compromises by major parties cleared the way for U.S. Bankruptcy Judge Brendan L. Shannon’s approval of Takata’s entry into the RSA, subject to submission of a final copy reflecting all agreements hammered out during negotiations outside the courtroom.

One breakthrough capped at 5 percent Michigan-based Key Safety Systems...
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