Takata Potential PSAN Claimant Portal

TK Holdings, Inc. and eleven of its U.S. and Mexican affiliates (collectively, the “Debtors”) have filed chapter 11 bankruptcy cases in the United States (the “Chapter 11 Cases”). The Debtors are subsidiaries of Takata Corporation, a Japanese corporation engaged in the manufacture and sale of airbag inflators and other automotive components. Takata Corporation and its worldwide affiliates (including the Debtors) are referred to collectively as “Takata.” Takata Corporation has filed a bankruptcy proceeding in Japan. 

This website is dedicated to providing specific information to individuals who own, or may have owned, vehicles equipped with certain airbag inflators manufactured by the Debtors or their affiliates that contain phase-stabilized ammonium nitrate ("PSAN Inflators" and such individual a "Potential PSAN Inflator Claimant" or a "PPIC").

In certain jurisdictions PSAN Inflators have been, or will be, subject to recall and replacement. Individuals can contact their local dealership to determine if their vehicle has a PSAN Inflator.  Links to certain helpful websites are provided below. 


 

Sign-up for Notifications / Inscríbase para Notificaciones

To receive notification of important case documents, please click here and enter your name and email address.

Para recibir la notificación de los documentos importantes del caso, haga clic aquí e ingrese su nombre y dirección de correo electrónico.


 

Does the Bankruptcy Impact Me?

You may have claims against the Debtors, including for monetary loss, personal injury, or death (in each case, whether past or future) on account of your current or past ownership of a vehicle containing a PSAN Inflator regardless of whether such PSAN Inflator is subject to a recall or has already been repaired or you have thus far suffered no loss, injury, or death on account of your PSAN Inflator (as such claims may be deemed to have accrued before the Debtors filed for bankruptcy).  To assert a claim, you must file a proof of claim by the below deadlines and in accordance with the instructions on the proof of claim forms.  If you fail to do so, your claim may be barred and you may receive no recovery; provided that, you are not required to file a proof of claim to reserve your rights for damages arising out of or relating to personal injury or wrongful death sustained after June 25, 2017 which arises from or relates to a PSAN Inflator, or its component parts, manufactured by Takata.

The deadline to file prepetition claims relating to or arising from the manufacture or sale by the Debtors or their affiliates of an airbag containing a PSAN Inflator (a “PPIC Claim”) was December 27, 2017 at 5:00 p.m. (Eastern Time). To file a PPIC Claim, click here.

The deadline for non-governmental entities to file a claim against the Debtors for any other purpose (a “General Claim”) was November 27, 2017 at 5:00 p.m. (Eastern Time). To file a General Claim, click here.

The deadline to file PPIC claims for parties that became the registered owner of a vehicle containing the Debtors’ PSAN Inflators subsequent to the commencement of the Chapter 11 Cases (each such party, a “Supplemental PPIC” and each such claim, a “Supplemental PPIC Claim”) was February 6, 2018 at 5:00 p.m. (Eastern Time). To file a Supplemental PPIC Claim, click here.

Click here to view additional information regarding the deadlines to file PPIC Claims and General Claims in various languages.


 

What Else Should I Do?

Register your email address by clicking here to receive court documents and important updates from the Chapter 11 Cases.

For more information about recalls of PSAN Inflator (including information about obtaining replacement inflators), visit www.AirbagRecall.com, https://www.nhtsa.gov/recall-spotlight/takata-air-bags, http://www.tc.gc.ca/eng/motorvehiclesafety/safevehicles-defectinvestigations-1433.html, http://www.mlit.go.jp/en/jidosha/vehicle_recall_17.html, respond to the recall notice (to the extent you received one), or contact your local dealership.  The Chapter 11 Cases should not impact the ability of drivers to get replacements for recalled Takata airbag inflators free of charge.


 

Case Information

Case Background

On June 25, 2017, the Debtors each filed voluntary petitions under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.  The Chapter 11 Cases are pending before the Honorable Brendan Linehan Shannon and are jointly administered under Case No. 17-11375 (BLS).  Further information regarding the Chapter 11 Cases is available at http://www.tkrestructuring.com.

On June 28, 2017, the Debtors also commenced an ancillary proceeding (the "Canadian Proceeding") under the Companies’ Creditors Arrangement Act (Canada), R.S.C. 1985, c. C-36 as amended (the “CCAA”) in the Ontario Superior Court of Justice (Commercial List) (the “Canadian Court”) in Ontario, Canada.  Information regarding the Canadian Proceeding is available at http://cfcanada.fticonsulting.com/TKHoldingsInc/default.htm.

Takata Corporation, Takata Kyushu K.K., and Takata Service K.K. (collectively, “Takata Japan”), have commenced a proceeding under the Civil Rehabilitation Act (“CRA”) in Tokyo, Japan.  Parties who believe they have claims against Takata Japan can obtain information about the CRA proceeding, including the deadline to file claims, at http://www.takata.com.

Restitution Fund

Individuals who have suffered, or will suffer, personal injury caused by the malfunction of a PSAN Inflator may be eligible for compensation from Restitution Funds established by order of the Federal Court for the E.D. of Michigan. The Court has appointed a Special Master, Prof. Eric D. Green, to administer the claimant compensation process and make recommendations regarding the distribution of funds. If you believe you may qualify for compensation from the Restitution Funds, please visit www.takataspecialmaster.com for further information and to review relevant case documents.

Portal de Takata en Espanol

Portal de Takata para posibles demandantes en casos relacionados con infladores de PSAN

TK Holdings, Inc. y once de sus filiales en México y EE. UU. (conjuntamente, los “Deudores”) han presentado casos de quiebra en los Estados Unidos al amparo del Capítulo 11 (los “Casos al amparo del Capítulo 11”). Los Deudores son subsidiarias de Takata Corporation, una sociedad anónima japonesa dedicada a la fabricación y venta de infladores para airbags y otros componentes automotrices. “Takata” se utiliza para hacer referencia conjuntamente tanto a Takata Corporation como a sus filiales en todo el mundo (incluidos los Deudores). Takata Corporation ha presentado un procedimiento de quiebra en Japón.

Este sitio web tiene como fin brindar información específica a las personas que tengan, o puedan haber tenido, vehículos equipados con ciertos infladores para airbags que contengan nitrato de amonio estabilizado en fase fabricados por los Deudores o sus filiales ("Infladores de PSAN" y cada una de estas personas individualmente denominada un "Posible Demandante en casos relacionados con Infladores de PSAN" o un "PPIC", por sus siglas en inglés).

En algunas jurisdicciones los infladores de PSAN han estado, o estarán, sujetos a una retirada del mercado y a su reemplazo. Las personas pueden contactar a su concesionario local para determinar si sus vehículos tienen un inflador de PSAN. A continuación, podrá encontrar enlaces a sitios web útiles.


 

¿La quiebra me afecta?

Usted puede tener reclamaciones contra los Deudores; por ejemplo, por pérdida monetaria, lesiones personales o muerte (en cada caso, que hayan ocurrido en el pasado o que puedan ocurrir en el futuro) por ser titular actualmente o haberlo sido de un vehículo que contenga un Inflador de PSAN, independientemente de si dicho Inflador de PSAN está sujeto a una retirada del mercado o ya ha sido reparado o usted no ha sufrido hasta la fecha una pérdida, una lesión o la muerte a causa del Inflador de PSAN (ya que se puede considerar que dichas reclamaciones se han generado con anterioridad a la presentación de la quiebra de los Deudores). Para reivindicar una reclamación, debe presentar una evidencia de reclamación con anterioridad a los plazos que se indican a continuación y de acuerdo con las instrucciones establecidas en los formularios de evidencia de reclamación. En caso contrario, su reclamación será anulada y no recibirá ningún tipo de reparación, siempre y cuando no se le exija presentar una evidencia de reclamación para reservar sus derechos por daños y perjuicios que surjan de lesiones personales u homicidio culposo (o estén relacionados con ellos) ocurridos después del 25 de junio de 2017, a causa de un Inflador de PSAN, o sus componentes, fabricados por Takata (o relacionados con tal dispositivo).

El plazo para presentar reclamaciones previas a la solicitud relacionadas con la fabricación o la venta por parte de los Deudores o sus filiales de un airbag que contenga un inflador de PSAN (una “reclamación de PPIC”) es el 27 de diciembre de 2017, a las 5:00 p. m. (Hora del este). Para presentar una reclamación de PPIC, haga clic aquí.

El plazo que tienen las entidades no gubernamentales para presentar una reclamación en contra de los Deudores con cualquier otro fin (una “Reclamación general”) es el 27 de noviembre de 2017 a las 5:00 p. m. (Hora del este). Para presentar una Reclamación general, haga clic aquí.

Haga clic aquí para ver información adicional relacionada con los plazos para presentar Reclamaciones de PPIC y Reclamaciones generales en varios idiomas.


 

¿Qué más debería hacer?

Registre su dirección de correo electrónico haciendo clic aquí para recibir documentación judicial y actualizaciones importantes acerca de los Casos al amparo del Capítulo 11.

Para obtener más información acerca de retiradas del mercado de los Infladores de PSAN (incluida la información sobre cómo obtener infladores de reemplazo), visite www.AirbagRecall.com, https://www.nhtsa.gov/recall-spotlight/takata-air-bagshttp://www.tc.gc.ca/eng/motorvehiclesafety/safevehicles-defectinvestigations-1433.html, http://www.mlit.go.jp/en/jidosha/vehicle_recall_17.html, responda al aviso de retirada del mercado (en caso que haya recibido alguno), o comuníquese con su concesionario local. Los Casos al amparo del Capítulo 11 no deberían afectar el derecho que tienen los conductores de recibir sin cargo reemplazos de los infladores para airbags de Takata retirados del mercado.


 

Información sobre el caso

Antecedentes del caso

El 25 de junio de 2017, cada uno de los Deudores presentó solicitudes de manera voluntaria al amparo del Capítulo 11 del Código de Quiebras en el Tribunal de Quiebras de los Estados Unidos para el Distrito de Delaware. Los Casos al amparo del Capítulo 11 se encuentran pendientes de resolución ante el Honorable Juez Brendan Linehan Shannon y se administran conjuntamente conforme al Caso n. º 17-11375 (BLS). En http://www.tkrestructuring.com, podrá encontrar más información respecto de los Casos al amparo del Capítulo 11.

El 28 de junio de 2017, los Deudores también iniciaron un procedimiento complementario (el "Procedimiento canadiense") conforme a la Ley de Acuerdos con Acreedores de Compañías (Canadá), R.S.C 1985, c. C-36 según su enmienda (la “CCAA”, por sus siglas en inglés) en el Tribunal Superior de Justicia de Ontario (Lista comercial) (el “Tribunal canadiense”) en Ontario (Canadá). Para obtener más información respecto de los Procedimientos canadienses, visite el sitio web http://cfcanada.fticonsulting.com/TKHoldingsInc/default.htm.

Takata Corporation, Takata Kyushu K.K. y Takata Service K.K. (denominados, conjuntamente, “Takata Japan”) han comenzado un procedimiento conforme a la Ley de Rehabilitación Civil (“CRA”, por sus siglas en inglés) en Tokio (Japón). Las partes que consideren tener reclamaciones en contra de Takata Japan pueden obtener información acerca de los procedimientos conforme a la CRA, incluido el plazo para presentar reclamaciones, en el sitio http://www.takata.com.

Fondo de restitución

Las personas que hayan sufrido o puedan sufrir lesiones personales provocadas por el mal funcionamiento de un Inflador de PSAN pueden reunir los requisitos de indemnización proveniente de los Fondos de restitución establecidos por resolución del Tribunal Federal para el Distrito Este de Míchigan. El Tribunal ha designado a un experto, el Prof. Eric D. Green, para que administre el proceso de indemnización de reclamantes y realice recomendaciones con respecto a la distribución de los fondos. Si usted considera que puede cumplir con los requisitos para recibir una indemnización proveniente de los Fondos de restitución, ingrese en www.takataspecialmaster.com para obtener más información y revisar documentos de casos relevantes.

Key Documents & Important Dates

Notice of Commencement  Notificacion de Inicio

Notice Regarding Important Dates and Deadlines (in various languages)

Disclosure Statement Hearing Notice  Aviso de Audiencia sobre la Declaracion de Divulgacion

Confirmation Hearing Notice  Notificacion de confirmacion de audiencia 

Dates

December
27

Deadline to File PPIC Cl...

5:00 p.m. (ET)
February
6

Deadline to File Supplem...

5:00 p.m. (ET)
April
10

Plan Effective Date

_____
December
27
5:00 p.m. (ET)

Deadline to File PPIC Claim

February
6
4:00 p.m. (ET)

Plan Confirmation Objection Deadline

February
6
5:00 p.m. (ET)

Deadline to File Supplemental PPIC Claims

Releases, Injunctions, Exculpation, and Free and Clear Provisions

The Plan contains Releases, Injunctions, Exculpation, and Free and Clear Provisions which may impact your rights.  You should consult your attorney and read the full text of the Plan.  Below are excerpts of the releases, injunctions, exculpation, and free and clear provisions found in the Plan.

Sale Free and Clear.

On the Effective Date, except for the Assumed Liabilities and the Permitted Liens, the Purchased Assets shall, in accordance with section 1141(c) of the Bankruptcy Code, be purchased by or otherwise transferred to the Plan Sponsor in accordance with the U.S. Acquisition Agreement free and clear of all Claims, Interests, Liens, other encumbrances, and liabilities of any kind or nature whatsoever, including rights or claims based on any successor or transferee liabilities. The terms of this section 5.2(c) shall be binding on and enforceable against all Persons as a permanent injunction pursuant to section 10.5(b) hereof.

Discharge of Claims against and Interests in the Reorganized Debtors.

Upon the Effective Date and in consideration of the Distributions to be made under this Plan, except as otherwise provided in this Plan or in the Confirmation Order, each holder (as well as any trustee or agent on behalf of such holder) of a Claim or Interest and any successor, assign, and affiliate of such holder shall be deemed to have forever waived, released, and discharged the Debtors, to the fullest extent permitted by section 1141 of the Bankruptcy Code, of and from any and all Claims, Interests, rights, and liabilities that arose prior to the Effective Date. Except as otherwise provided in this Plan, upon the Effective Date, all such holders of Claims and Interests and their successors, assigns, and affiliates shall be forever precluded and enjoined, pursuant to sections 105, 524, and 1141 of the Bankruptcy Code, from prosecuting or asserting any such discharged Claim against or terminated Interest in any Debtor or any Reorganized Debtor.

Plan Injunction.

(a) Except as otherwise provided in this Plan or in the Confirmation Order, as of the entry of the Confirmation Order but subject to the occurrence of the Effective Date, to the maximum extent permitted under applicable law, all Persons who have held, hold, or may hold Claims or Interests are, with respect to any such Claim or Interest, permanently enjoined after the entry of the Confirmation Order from: (i) commencing, conducting, or continuing in any manner, directly or indirectly, any suit, action, or other proceeding of any kind (including any proceeding in a judicial, arbitral, administrative, or other forum) against or affecting, directly or indirectly, a Debtor, a Reorganized Debtor, or an Estate or the property of any of the foregoing, or any direct or indirect transferee of any property of, or direct or indirect successor in interest to, any of the foregoing Parties mentioned in this subsection (i) or any property of any such transferee or successor; (ii) enforcing, levying, attaching (including any prejudgment attachment), collecting, or otherwise recovering in any manner or by any means, whether directly or indirectly, any judgment, award, decree, or order against a Debtor, a Reorganized Debtor, or an Estate or its property, or any direct or indirect transferee of any property of, or direct or indirect successor in interest to, any of the foregoing Parties mentioned in this subsection (ii) or any property of any such transferee or successor; (iii) creating, perfecting, or otherwise enforcing in any manner, directly or indirectly, any encumbrance of any kind against a Debtor, a Reorganized Debtor, or an Estate or any of its property, or any direct or indirect transferee of any property of, or successor in interest to, any of the foregoing Persons mentioned in this subsection (iii) or any property of any such transferee or successor; (iv) acting or proceeding in any manner, in any place whatsoever, that does not conform to or comply with the provisions of this Plan; and (v) commencing or continuing, in any manner or in any place, any action that does not comply with or is inconsistent with the provisions of this Plan; provided, however, that nothing contained herein shall preclude such Parties who have held, hold, or may hold Claims against or Interests in a Debtor or an Estate from exercising their rights, or obtaining benefits, pursuant to and consistent with the terms of this Plan and the Plan Documents.

(b) Except as expressly permitted by the U.S. Acquisition Agreement and except as to Assumed Liabilities and Permitted Liens, all Persons, including all debt security holders, governmental, tax, and regulatory authorities, lenders, trade creditors, dealers, customers, employees, litigation claimants, and other creditors, holding Claims, Liens, Interests, charges, encumbrances, and other interests of any kind or nature whatsoever, including rights or Claims based on any successor or transferee liability, against or in a Debtor or the Purchased Assets (whether legal or equitable, secured or unsecured, matured or unmatured, contingent or noncontingent, known or unknown), arising under or out of, in connection with, or in any way relating to the Debtors, the Purchased Assets, the operation of the Purchased Assets prior to the Effective Date, or the Restructuring Transactions, are forever barred, estopped and permanently enjoined from asserting against the Plan Sponsor Parties, their respective successors and assigns, their property or the Purchased Assets, such Person’s Claims, Liens, Interests, charges, encumbrances, and other interests (including rights or Claims based on any successor or transferee liability), including, without limitation, by: (i) commencing, conducting, or continuing in any manner, directly or indirectly, any suit, action, or other proceeding of any kind (including any proceeding in a judicial, arbitral, administrative, or other forum) against or affecting, directly or indirectly, a Plan Sponsor Party or the property of any Plan Sponsor Party, or any direct or indirect transferee of any property of, or direct or indirect successor in interest to, any of the foregoing Persons mentioned in this subsection (i) or any property of any such transferee or successor; (ii) enforcing, levying, attaching (including any prejudgment attachment), collecting, or otherwise recovering in any manner or by any means, whether directly or indirectly, any judgment, award, decree, or order against a Plan Sponsor Party or its property, or any direct or indirect transferee of any property of, or direct or indirect successor-in-interest to, any of the foregoing Persons mentioned in this subsection (ii) or any property of any such transferee or successor; (iii) creating, perfecting, or otherwise enforcing in any manner, directly or indirectly, any encumbrance of any kind against a Plan Sponsor Party or any of its property, or any direct or indirect transferee of any property of, or successor in interest to, any of the foregoing Persons mentioned in this subsection (iii) or any property of any such transferee or successor; (iv) acting or proceeding in any manner, in any place whatsoever, that does not conform to or comply with the provisions of this Plan; and (v) commencing or continuing, in any manner or in any place, any action that does not comply with or is inconsistent with the provisions of this Plan.

(c) By accepting Distributions pursuant to this Plan, each holder of an Allowed Claim or Allowed Interest shall be deemed to have affirmatively and specifically consented to be bound by this Plan, including the injunctions set forth in this section.

Releases.

(a) Releases by the Debtors.

As of the Effective Date, except for the rights that remain in effect from and after the Effective Date to enforce the Plan, the Confirmation Order, and the obligations contemplated by the Restructuring Transactions, for good and valuable consideration, the adequacy of which is hereby confirmed, including, without limitation, the service of the Released Parties to facilitate the reorganization of the Debtors and the implementation of the Restructuring Transactions, and except as otherwise provided in the Plan or in the Confirmation Order, the Released Parties shall be deemed conclusively, absolutely, unconditionally, irrevocably and forever released and discharged, to the maximum extent permitted by law, as such law may be extended subsequent to the Effective Date, by the Debtors, the Reorganized Debtors, and the Estates from any and all Claims, counterclaims, disputes, obligations, suits, judgments, damages, demands, debts, rights, Causes of Action, Liens, remedies, losses, contributions, indemnities, costs, liabilities, attorneys’ fees and expenses whatsoever, including any derivative claims, asserted or assertable on behalf of the Debtors, the Reorganized Debtors, or their Estates (including, any Causes of Action arising under chapter 5 of the Bankruptcy Code), whether liquidated or unliquidated, fixed or contingent, matured or unmatured, known or unknown, foreseen or unforeseen, asserted or unasserted, accrued or unaccrued, existing or hereinafter arising, whether in law or equity, whether sounding in tort or contract, whether arising under federal or state statutory or common law, or any other applicable international, foreign, or domestic law, rule, statute, regulation, treaty, right, duty, requirement or otherwise, that the Debtors, the Reorganized Debtors, or their Estates would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the holder of any Claim or Interest or other Person, based on or relating to, or in any manner arising from, in whole or in part, the Debtors or their non-Debtor affiliates (including the Acquired Non-Debtor Affiliates), or their Estates, the Chapter 11 Cases, the purchase, sale, or rescission of the purchase or sale of any security of the Debtors or the Reorganized Debtors, the subject matter of, or the transactions or events giving rise to, any Claim or Interest that is treated in the Plan, the business or contractual arrangements between any Debtor and any Released Party (including the exercise of any common law or contractual rights of setoff or recoupment by any Released Party at any time on or prior to the Effective Date), the Restructuring Transactions, the restructuring of any Claim or Interest before or during the Chapter 11 Cases, the Disclosure Statement, the U.S. Acquisition Agreement, the Global Accommodation Agreement, the U.S. RSA, and the Plan and related agreements, instruments, and other documents, and the negotiation, formulation, preparation or implementation thereof, the solicitation of votes with respect to the Plan, or any other act or omission, other than Claims or Causes of Action arising out of or related to any act or omission of a Released Party that is a criminal act or constitutes fraud, gross negligence, or willful misconduct. The Reorganized Debtors and any newly-formed entities that shall be continuing the Debtors’ businesses after the Effective Date shall be bound, to the same extent the Debtors are bound, by the releases and discharges set forth in this section 10.6(a).

(b) Releases by Holders of Claims and Interests.

As of the Effective Date, except for the rights that remain in effect from and after the Effective Date to enforce the Plan, the Confirmation Order and the obligations contemplated by the Restructuring Transactions, for good and valuable consideration, the adequacy of which is hereby confirmed, including, without limitation, the service of the Released Parties to facilitate the reorganization of the Debtors and the implementation of the Restructuring Transactions, and except as otherwise provided in the Plan or in the Confirmation Order, the Released Parties shall be deemed conclusively, absolutely, unconditionally, irrevocably and forever released and discharged, to the maximum extent permitted by law, as such law may be extended subsequent to the Effective Date, except as otherwise provided herein, by (i) the holders of all Claims, other than the Consenting OEMs, who vote to accept the Plan, (ii) the holders of all Claims, other than the Consenting OEMs, that are Unimpaired under the Plan, (iii) the holders of all Claims, other than the Consenting OEMs, whose vote to accept or reject the Plan is solicited but who do not vote either to accept or to reject the Plan, (iv) the holders of all Claims, other than the Consenting OEMs, or Interests who vote, or are deemed, to reject the Plan but do not opt out of granting the releases set forth herein, (v) the holders of all Claims, other than the Consenting OEMs, and Interests who were given notice of the opportunity to opt out of granting the releases set forth herein but did not opt out, and (vi) all other holders of Claims, other than the Consenting OEMs, and Interests to the maximum extent permitted by law, in each case from any and all Claims, counterclaims, disputes, obligations, suits, judgments, damages, demands, debts, rights, Causes of Action, Liens, remedies, losses, contributions, indemnities, costs, liabilities, attorneys’ fees and expenses whatsoever, including any derivative claims, asserted or assertable on behalf of the Debtors, the Reorganized Debtors, or their Estates (including any Causes of Action arising under chapter 5 of the Bankruptcy Code), whether liquidated or unliquidated, fixed or contingent, matured or unmatured, known or unknown, foreseen or unforeseen, asserted or unasserted, accrued or unaccrued, existing or hereinafter arising, whether in law or equity, whether sounding in tort or contract, whether arising under federal or state statutory or common law, or any other applicable international, foreign, or domestic law, rule, statute, regulation, treaty, right, duty, requirement or otherwise, that such holders or their estates, affiliates, heirs, executors, administrators, successors, assigns, managers, accountants, attorneys, representatives, consultants, agents, and any other Persons or parties claiming under or through them would have been legally entitled to assert in their own right (whether individually or collectively) or on behalf of the holder of any Claim or Interest or other Person, based on or relating to, or in any manner arising from, in whole or in part, the Debtors or their non-Debtor affiliates (including the Acquired Non-Debtor Affiliates), the Reorganized Debtors, or their Estates, the Chapter 11 Cases, the purchase, sale, or rescission of the purchase or sale of any security of the Debtors or the Reorganized Debtors, the subject matter of, or the transactions or events giving rise to, any Claim or Interest that is treated in the Plan, the business or contractual arrangements between any Debtor and any Released Party (including the exercise of any common law or contractual rights of setoff or recoupment by any Released Party at any time on or prior to the Effective Date), the Restructuring Transactions, the restructuring of any Claim or Interest before or during the Chapter 11 Cases, the Disclosure Statement, the U.S. Acquisition Agreement, the Global Accommodation Agreement, the U.S. RSA, and the Plan and related agreements, instruments, and other documents, and the negotiation, formulation, preparation or implementation thereof, the solicitation of votes with respect to the Plan, or any other act or omission, other than Claims or Causes of Action arising out of or related to any act or omission of a Released Party that constitutes fraud, gross negligence or willful misconduct.

(c) Releases by Holders of PSAN PI/WD Claims.

As of the Effective Date, except for the rights that remain in effect from and after the Effective Date to enforce the Plan, to the maximum extent permitted under applicable law, the holders of PSAN PI/WD Claims shall be deemed to provide a full and complete discharge and release to the Protected Parties and their respective property and successors and assigns from any and all Causes of Action whatsoever, whether known or unknown, asserted or unasserted, derivative or direct, foreseen or unforeseen, existing of hereinafter arising, in law, equity, or otherwise, whether for tort, fraud, contract, violations of federal or state securities laws, veil piercing or alter-ego theories of liability, contribution, indemnification, joint liability, or otherwise, arising from or related in any way to such holders’ PSAN PI/WD Claims.  Notwithstanding anything to the contrary in the Plan, nothing in the Plan shall release any OEM that is not a Participating OEM from liability for a PSAN PI/WD Claim.

(d) Adequate Protection Order Releases.

Nothing in this Plan shall limit, modify, or affect in any way the releases granted under paragraph 4(g) of the Adequate Protection Order, and such releases shall remain in full force and effect through and after the Effective Date.

(e) Intercompany Claims.

Notwithstanding sections 10.6(a) and 10.6(b) of the Plan, the Claims of the Debtors against their Non-Debtor Affiliates and the Claims of the Non-Debtor Affiliates against the Debtors shall not be released pursuant to such sections, but shall instead be treated in accordance with section 7.17 of the U.S. Acquisition Agreement.

Channeling Injunction.

In order to supplement the injunctive effect of the Plan Injunction and the Releases set forth in sections 10.5 and 10.6 of the Plan for PSAN PI/WD Claims, the Confirmation Order shall provide for the following permanent injunction to take effect as of the Effective Date:

(a) Terms. In order to preserve and promote the settlements contemplated by and provided for in the Plan and to supplement, where necessary, the injunctive effect of the Plan Injunction and the Releases described in sections 10.5 and 10.6 of the Plan, and pursuant to the exercise of the equitable jurisdiction and power of the Bankruptcy Court and District Court under section 105(a) of the Bankruptcy Code, all Persons that have held or asserted, or that hold or assert any PSAN PI/WD Claim against the Protected Parties, or any of them, shall be permanently and forever stayed, restrained, and enjoined from taking any action for the purpose of directly or indirectly collecting, recovering, or receiving payments, satisfaction, or recovery from any such Protected Party with respect to any such PSAN PI/WD Claims, including:
(i) commencing, conducting, or continuing, in any manner, whether directly or indirectly, any suit, action, or other proceeding of any kind in any forum with respect to any such PSAN PI/WD Claim, against or affecting any of the Protected Parties, or any property or interests in property of any Protected Party with respect to any such PSAN PI/WD Claim;
(ii) enforcing, levying, attaching, collecting or otherwise recovering, by any manner or means, or in any manner, either directly or indirectly, any judgment, award, decree or other order against any of the Protected Parties or against the property of any Protected Party with respect to any such PSAN PI/WD Claim;
(iii) creating, perfecting, or enforcing in any manner, whether directly or indirectly, any Lien of any kind against any Protected Party or the property of any Protected Party with respect to any such PSAN PI/WD Claims;
(iv) asserting or accomplishing any setoff, right of subrogation, indemnity, contribution, or recoupment ofany kind, whether directly or indirectly, against any obligation due to any Protected Party or against the property of any Protected Party with respect to any such PSAN PI/WD Claim; and
(v) taking any act, in any manner, in any place whatsoever, that does not conform to, or comply with, the provisions of the Plan Documents, with respect to such PSAN PI/WD Claims.

(b) Reservations. Notwithstanding anything to the contrary in section 10.7 of the Plan, this Channeling Injunction shall not enjoin:
(i) the rights of Entities to the treatment afforded them under the Plan, including the rights of Entities holding PSAN PI/WD Claims to assert such Claims in accordance with the PSAN PI/WD Trust Agreement and the PSAN PI/WD TDP solely against the PSAN PI/WD Trust whether or not there are funds to pay such PSAN PI/WD Claims;
(ii) the rights of Entities to assert any Claim, debt, litigation, or liability for payment of PSAN PI/WD Trust Expenses solely against the PSAN PI/WD Trust whether or not there are funds to pay such PSAN PI/WD Trust Expenses; and
(iii) the PSAN PI/WD Trust from enforcing its rights under the PSAN PI/WD Trust Agreement and the PSAN PI/WD TDP.

(c) Modifications. There can be no modification, dissolution, or termination of the Channeling Injunction, which shall be a permanent injunction.

(d) Non-Limitation Channeling Injunction. Nothing in the Plan or the PSAN PI/WD Trust Agreement shall be construed in any way to limit the scope, enforceability, or effectiveness of the Channeling Injunction issued in connection with the Plan or the PSAN PI/WD Trust’s assumption of all liability with respect to PSAN PI/WD Claims.

(e) Bankruptcy Rule 3016 Compliance. The Debtors’ compliance with the requirements of Bankruptcy Rule 2016 shall not constitute an admission that the Plan provides for an injunction against conduct not otherwise enjoined under the Bankruptcy Code.

(f) Approval of Channeling Injunction and Related Releases. The Debtors shall seek an order by the District Court approving the Channeling Injunction and Releases by Holders of PSAN PI/WD Claims for the benefit of Participating OEMs and the Plan Sponsor as set forth in section 10.6(c) of this Plan; provided, however, that the requirement for District Court approval may be waived by the Debtors and (i) the Participating OEMs as it relates to the Channeling Injunction and Releases by Holders of PSAN PI/WD Claims for the benefit of the Participating OEMs or (ii) the Plan Sponsor as it relates to the Channeling Injunction and Releases by Holders of PSAN PI/WD Claims for the benefit of the Plan Sponsor. In addition, the effectiveness of the Channeling Injunction and Releases by Holders of PSAN PI/WD Claims for the benefit of Participating OEMs shall be subject to (x) the consent of the Future Claimants Representative and (y) the Bankruptcy Court or the District Court (as applicable) having determined that Holders of PSAN PI/WD claims in Classes 5(a)-(d) voting on the Plan have voted to accept the Plan in a sufficient number in support of the Plan to support issuance of the Channeling Injunction for the benefit of the Participating OEMs. For the avoidance of doubt, the effectiveness of the Channeling Injunction and Releases by Holders of PSAN PI/WD Claims for the benefit of the Participating OEMs and the Plan Sponsor is not a condition to the Effective Date.

(g) No Duplicative Recovery. In no event will any holder of a PSAN PI/WD Claim against a Participating OEM be entitled to receive any duplicative payment, reimbursement or restitution from a Participating OEM under any theory of liability for the same loss, damage, or other claim that is reimbursed by the PSAN PI/WD Trust or is otherwise based on the same events, facts, matters, or circumstances that gave rise to the PSAN PI/WD Claim.

Exculpation.

To the maximum extent permitted by applicable law, except for the rights that remain in effect from and after the Effective Date to enforce the Plan, the Confirmation Order, and obligations contemplated by the Restructuring Transactions, no Exculpated Party shall have or incur, and each Exculpated Party is hereby released and exculpated from, any claim, obligation, suit, judgment, damage, demand, debt, right, Cause of Action, remedy, loss, and liability for any Claim in connection with or arising out of the administration of the Chapter 11 Cases; the negotiation and pursuit of the Disclosure Statement (including any information provided or statements made in the Disclosure Statement or omitted therefrom), the Restructuring Transactions, the Global Accommodation Agreement, the U.S. RSA, the Plan, and the solicitation of votes for, and confirmation of, the Plan; the funding of the Plan; the occurrence of the Effective Date; the administration of the Plan and the property to be distributed under the Plan; the wind-down of the Reorganized Debtors and Reorganized Takata; the issuance of securities under or in connection with the Plan; and the transactions in furtherance of any of the foregoing; except for breach of fiduciary duty, fraud, gross negligence, willful misconduct, failure to comply with the Confirmation Order and failure to distribute assets according to the Plan. This exculpation shall be in addition to, and not in limitation of, all other releases, indemnities, exculpations, and any other applicable law or rules protecting such Exculpated Parties from liability.

Injunction Related to Releases and Exculpation.

To the maximum extent permitted under applicable law, the Confirmation Order shall permanently enjoin the commencement or prosecution by any Person, whether directly, derivatively, or otherwise, of any Claims, obligations, suits, judgments, damages, demands, debts, rights, Causes of Action, losses, or liabilities released pursuant to this Plan, including, without limitation, the Claims, obligations, suits, judgments, damages, demands, debts, rights, Causes of Action, and liabilities released or exculpated in this Plan and the Claims, Liens, Interests, charges, encumbrances, and other interests described in section 5.2(c) of this Plan.

No Successor Liability.

Except as otherwise expressly provided in this Plan, the Confirmation Order, or the U.S. Acquisition Agreement, each of the Plan Sponsor Parties (i) is not, and shall not be deemed to assume, agree to perform, pay, or otherwise have any responsibilities for any liabilities or obligations of the Debtors or any other Person relating to or arising out of the operations of or the assets of the Debtors on or prior to the Effective Date; (ii) is not, and shall not be, a successor to the Debtors by reason of any theory of law or equity; and (iii) shall not have any successor or transferee liability of any kind or character; provided, however, that the Plan Sponsor shall timely perform and discharge the obligations specified in the U.S. Acquisition Agreement, including the Assumed Liabilities.