February 21, 2018 / 8:39 PM / 4 months ago

BRIEF-U.S. Bankruptcy Court Confirms TK Holdings' Chapter 11 Plan

Feb 21 (Reuters) - Takata Corp:

* U.S. BANKRUPTCY COURT CONFIRMS TK HOLDINGS CHAPTER 11 PLAN OF REORGANIZATION

* COURT'S RULING PAVES WAY FOR TAKATA TO FINALIZE SALE TO KSS AND FOR TK HOLDINGS INC TO EMERGE FROM CHAPTER 11

* EXPECTS TO CONTINUE TO MEET DEMAND FOR AIRBAG INFLATOR REPLACEMENTS WITHOUT INTERRUPTION

* ‍COURT CONFIRMED FIFTH AMENDED CHAPTER 11 PLAN FILED BY TK HOLDINGS, TAKATA'S MAIN UNIT, AND CERTAIN OF TKH'S UNITS & AFFILIATES​

* SALE OF SUBSTANTIALLY ALL OF TAKATA'S GLOBAL ASSETS AND OPERATIONS TO KEY SAFETY SYSTEMS WILL BE CONSUMMATED ON EFFECTIVE DATE OF CHAPTER 11 PLAN​

* ‍TAKATA EMEA MAINTAINS FINANCIAL INDEPENDENCE, CONTINUES TO OPERATE ON FINANCIALLY "SOLID" BASIS​

* SALE TO KEY SAFETY SYSTEMS WILL BE FINALIZED UPON TKH'S EMERGENCE FROM CHAPTER 11, WHICH IS ON TARGET FOR COMPLETION ON OR ABOUT END OF Q1 Source text for Eikon: Further company coverage:

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