Judge approves Takata's U.S. bankruptcy plan

From Reuters - February 17, 2018

WILMINGTON, Del. (Reuters) - Takata Corps U.S. unit received court approval for its bankruptcy exit plan, a plaintiffs law firm said on Saturday, clearing the way for a $1.6 billion sale of Takata assets and providing compensation for those injured by the companys deadly air bags.

Takata and its U.S. unit, TK Holdings Inc, filed for bankruptcy last year in the wake of the largest automotive recall in history. The companys air bags can inflate with too much force and spray metal fragments, and have been linked to hundreds of injuries and at least 22 deaths.

We are pleased that Judge (Brendan) Shannon has approved what we believe to be fair options for current and future victims of Takata airbags that provide swift resolution and allow victims to try to move on with their lives, said a statement from the Motley Rice law firm.

The law firm represented more than two dozen injured drivers in the U.S. bankruptcy case.


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