TK Holdings Inc.
Case No. 17-11375
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Airbag Inflator Recall Message
The commencement of the chapter 11 filing in the U.S. should have no effect on the ability of drivers to get replacements for recalled Takata airbag inflators free of charge. Vehicle owners should respond to the recall notice that they received or vehicle owners in the U.S. can visit https://www.airbagrecall.com/ for more information on airbag inflator replacements.
On June 25, 2017, Takata Corporation’s main U.S. subsidiary TK Holdings Inc. and eleven of its U.S. and Mexican affiliates (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 "Bankruptcy Court"). The cases are pending before the Honorable Brendan Linehan Shannon and are jointly administered under Case No. 17-11375 (BLS).
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. Takata Japan is seeking recognition of the CRA proceeding by the Bankruptcy Court under Chapter 15 of the Bankruptcy Code. 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.
Important Information & Dates
Plan and Disclosure Statement
On November 3, 2017, the Debtors filed their Chapter 11 Plan of Reorganization (the "Plan") and on November 15, 2017 filed the Disclosure Statement related thereto (the "Disclosure Statement"). The Bankruptcy Court held a hearing to, among other items, consider the adequacy of the Disclosure Statement on January 3, 2018, and held a hearing to consider confirmation of the Plan on February 16, 2018. An order confirming the Fifth Amended Joint Chapter 11 Plan of Reorganization was entered on February 21, 2018 (the "Confirmation Order"), and on April 10, 2018, the Effective Date of the Plan occurred and the Plan was substantially consummated.
Pursuant to the terms of the Plan and the Confirmation Order, a “Trust” (i.e., the PSAN PI/WD Trust, as defined in the Plan, which will be known as the “Takata Airbag Tort Compensation Trust Fund”) will be created and funded to compensate holders of certain personal injury and wrongful death claims, as defined in the Plan, the Confirmation Order and related Trust documents, caused by (i) malfunctions of certain Takata Airbag PSAN Inflators, and (ii) Takata products other than PSAN Inflators. Information about the Takata Airbag Tort Compensation Trust Fund can be found at www.TakataAirbagInjuryTrust.com.
Please click below to view and download all documents related to the Plan and Disclosure Statement:
Deadline to File Claims
On October 4, 2017, the Bankruptcy Court entered an order [Docket No. 959] (the "Bar Date Order") establishing deadlines for filing proofs of claim in the Debtors’ chapter 11 cases, including a deadline for asserting claims against any Debtor for monetary losses, personal injury, or death (whether past or future) arising out of or relating to an airbag containing phase-stabilized ammonium nitrate propellant (“PSAN Inflators”), or their component parts, manufactured or sold by the Debtors or their affiliates prior to the Petition Date (each a “PPIC Claim”).
The Bar Date Order sets the following deadlines for filing proofs of claim against the Debtors:
- General Bar Date (For claims against any of the Debtors other than (i) PPIC Claims and (ii) claims of Governmental Units): November 27, 2017 at 5:00 p.m. (Eastern Time)
- PPIC Claims Bar Date: December 27, 2017 at 5:00 p.m. (Eastern Time)
- Governmental Unit Bar Date: December 22, 2017 at 5:00 p.m. (Eastern Time)
Click on "Submit a Claim" above to download a proof of claim form and for more information regarding filing a claim, other than a general unsecured PPIC Claim, against the Debtors. For more information about filing a PPIC Claim, please visit http://TKRestructuring.com/PPIC.
Hearing on First Day Motions
A hearing on the Debtors' First Day Motions was held on Tuesday, June 27, 2017 at 1:30 (ET) before the Honorable Brendan Linehan Shannon, United States Bankruptcy Court for the District of Delaware, US Bankruptcy Court, 824 Market St., 5th Fl., Courtroom #5, Wilmington, Delaware. A final hearing on certain of the First Day Motions was held on July 26, 2017 and August 10, 2017.
Please click below to view and download the Debtors' First Day Motions and the First Day Orders:
Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, NY 10153
Marcia L. Goldstein
Ronit J. Berkovich
Matthew P. Goren
Richards, Layton & Finger, P.A.
920 N. King Street
Wilmington, DE 19801
Mark D. Collins
Counsel to Unsecured Creditors Committee
Milbank, Tweed, Hadley & McCloy LLP (NY)
28 Liberty Street
New York, NY 10005
Dennis F. Dunne
Abhilash M. Raval
Tyson LomazowMary Reidy Doheny
Milbank, Tweed, Hadley & McCloy LLP (DC)
1850 K. Street, NW
Washington, DC 10005
Whiteford, Taylor & Preston, LLC
The Renaissance Centre
405 King Street, Suite 500
Wilmington, DE 19801
Christopher M. Samis
L. Katherine Good
Kevin F. Shaw
Counsel to Tort Claimant Creditors Committee
Pachulski Stang Ziehl & Jones, LLP
919 N. Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899
Laura Davis Jones
James I. Stang
United States Trustee and Court Information
United States Bankruptcy Court
District of Delaware
824 Market Street North, 3rd Floor
Wilmington, DE 19801
Office of the United States Trustee
844 King Street
Wilmington, DE 19801
David L. Buchbinder
|Case Number||Debtor Name||Petition Date|
|Case Number 17-11375||Debtor Name TK Holdings Inc.||Petition Date June 25, 2017|
|Case Number 17-11372||Debtor Name Takata Americas||Petition Date June 25, 2017|
|Case Number 17-11373||Debtor Name TK Finance, LLC||Petition Date June 25, 2017|
|Case Number 17-11374||Debtor Name TK China, LLC||Petition Date June 25, 2017|
|Case Number 17-11376||Debtor Name Takata Protection Systems Inc.||Petition Date June 25, 2017|
|Case Number 17-11377||Debtor Name Interiors in Flight Inc.||Petition Date June 25, 2017|
|Case Number 17-11378||Debtor Name TK Mexico Inc.||Petition Date June 25, 2017|
|Case Number 17-11379||Debtor Name TK Mexico LLC||Petition Date June 25, 2017|
|Case Number 17-11380||Debtor Name TK Holdings de Mexico S. de R.L. de C.V.||Petition Date June 25, 2017|
|Case Number 17-11381||Debtor Name Industrias Irvin de Mexico, S.A. de C.V.||Petition Date June 25, 2017|
|Case Number 17-11382||Debtor Name Takata de Mexico, S.A. de C.V.||Petition Date June 25, 2017|
|Case Number 17-11383||Debtor Name Strosshe-Mex, S. de R.L. de C.V.||Petition Date June 25, 2017|