August 25, 2017 / 12:24 AM / in 10 months

Carmakers pan investment bank's fees in Takata unit's bankruptcy

Investment bank Moelis & Co’s fees in the bankruptcy of the U.S. unit of airbag maker Takata Corp should be capped at $3.5 million because it will likely duplicate the efforts of others, according to General Motors, Ford Motor Co and other carmakers.

The carmakers in court papers filed on Wednesday said they are not opposed to Moelis serving as investment banker for TK Holdings Inc’s official committee of unsecured creditors, but that they take issue with terms for its work.

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