To an output of bankruptcy for the US subsidiary of Takata


WILMINGTON, Delaware (Reuters) – The u.s. subsidiary of the oem japanese Takata has entered into with its creditors, and the lawyers of the victims of its airbags defective an agreement that paves the way for its exit from the regime of bankruptcy and the sale of its operations viable, according to court documents.

The explosions impromptu of airbags of Takata, have left hundreds injured and at least 21 people dead, leading to the largest recall in automotive history and acculant to the bankruptcy of the japanese group and its american subsidiary, TK Holdings.

TK Holdings is preparing to fight in court on Tuesday to get the green light from a judge for its plan to exit bankruptcy, which is contested by representatives of victims and by another committee, consisting of the creditors.

The two committees, but also the car manufacturers concerned and the group Key Safety Systems, buyer activities, sustainable Takata, however, have concluded an agreement that raises the main objections to the plan, according to court documents published on Saturday.

The agreement provides for the establishment of a trust to compensate victims, part of which will be financed by the car manufacturers in exchange for the surrender of some of their requests for repairs to Takata.

Among the 13 manufacturers signers include General Motors (NYSE:GM), Ford (NYSE:F), Toyota (T:7203) and the u.s. subsidiaries of Honda, and Volkswagen (DE:VOWG_p).

Takata had proposed last year the creation of this trust, which, according to the available documents, will pay a compensation ranging from $ 10,000 to five million dollars (with 8,160-4.1 million euros), according to the degree of severity of accidents.

A spokesman for the u.s. subsidiary declined to comment, as the lawyers of the victims.

If the agreement is approved by the bankruptcy court of Wilmington, in Delaware, car manufacturers signatories can no longer be sued by the victims of deployments accidental of airbags Takata.

Key Safety Systems, a subsidiary of the chinese group in Ningo Joyson Electric Corp., has also joined the agreement. The group is based in Michigan and a specialist in safety equipment and plans to resume activities in viable Takata for $ 1.6 billion, the proceeds of the sale to be used to indemnify the builders and the victims in accordance with an agreement with the u.s. department of Justice.

(Tom Hals in Wilmington, Véronique Tison for the French service)

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