“We hope that today`s admission of guilt and verdict will send a message to consumer protection product suppliers that they need to put safety before profits,” said Barbara McQuade, U.S. Attorney General. MediaTAKATA:U.S./U.K.Sard Verbinnen – CoJared Levy/Devin Broda/Kelsey Markovich212firstname.lastname@example.orgJapanAshton ConsultingDan Underwood, `81 (0) 3 email@example.comDeutschland/EuropaHeringppe Schugener ConsultingGeorg Lamerz, `49.211.430.79-276Takatafirstname.lastname@example.orgKEY SAFETY SYSTEMS:GlobalKSSJean-Luc Blancou `email@example.comEdelmanChad Tendler, Nadia Damounifirstname.lastname@example.orgJapanedelmanDeborahden email@example.com, Under the DOJ Plea agreement, Takata paid $25 million in fines to the DOJ and was required to fund two restitution funds: (1) a $125 million fund. 2) an $850 million fund to meet a portion of the claims of OEM customers who purchased airbags equipped with PSAN inflators. Each restitution fund is managed by a special master in accordance with the DOJ Plea Agreement. The $125 million personal injury fund was funded on March 29, 2017. In accordance with the DOJ Plea agreement, the agreements in principle with the client group and the proposed restructuring conditions provide that the proceeds of the sale to KSS will be used to finance the $850 million OEM restitution fund. Prosecutors also announced that Takata had agreed to plead guilty to providing the erroneous data, a rare result for companies accused of misconduct. The Tokyo-based company was also fined $1 billion. TOKYO – STERLING HEIGHTS, Mich.–(BUSINESS WIRE) –Takata Corporation (“Takata,” “TKJP” or “The Company”), a world leader in vehicle safety systems such as seat belts, Key Safety Systems (“KSS”), a global mobility security leader based in Sterling Heights, Michigan, USA, announced today that it has agreed on a restructuring plan for the sale of the bulk of Takata`s global assets and operations to KSS at a total purchase price of approximately $175 billion ($1.588 billion), with adjustments at the close. Takata intends to use the civil rehabilitation procedures and Chapter 11 to address the costs and liabilities associated with airbag-inflator recalls, as planned and detailed in the plan.
including funding of its remaining commitments pursuant to the terms of the plea with the U.S. Department of Justice (DOJ) announced on January 13, 2017 and Takata`s approval orders with the National Highway Traffic Safety Administration (NHTSA) on January 13, 2017.