Takata’s US subsidiary has just reached an agreement with its creditors and the lawyers of the victims of its airbags. This happy conclusion of a murderous saga related to its defective equipment, causing at least 21 deaths in the world, and injuries of 200 other people now opens the way to its exit from bankruptcy and sale of its operations considered viable.
The scandal resulting from the serious malfunctions of its products had led to the most important reminder of the history of the automobile, forcing the Japanese group Takata and its US subsidiary TK Holdings into bankruptcy.
Earlier this week, TK Holdings was still expecting a tough fight in court to get a green light from a judge for his plan to exit bankruptcy. This one being contested by representatives of victims and by one of the two committees bringing together its creditors.
In the end, however, the two committees, the car manufacturers concerned and the Key Safety Systems group, which took over Takata’s viable activities, reached an agreement removing the main objections to the plan.
With a view to ending the crisis, the text provides for the establishment of a trust to compensate the victims. A proposal to this effect was made last year by Takata.
Part of its financing will be provided by the car manufacturers themselves. A group of 13 manufacturers have agreed to pay between 80 and 130 million dollars to compensate victims of defective airbags Takata.
In return, they obtained the abandonment of certain claims for compensation brought by the victims.
If the agreement is approved by the bankruptcy court, the car manufacturers signatories will no longer be sued by victims of accidental deployments Takata airbags.
Compensation paid will be in the range of $ 10,000 to $ 5 million ($ 8,160-4,1 million) depending on the severity of the accident.