November 22, 2017 / 12:11 AM / 24 days ago

Takata buys more time to clinch sale; trustee says breakup fee deal too sweet

Airbag manufacturer Takata Corp’s U.S. unit won a court order on Monday giving it more time to file a Chapter 11 plan but ran into an objection by the government’s bankruptcy watchdog to a fees in its restructuring support agreement.

Judge Brendan Linehan Shannon of the U.S. Bankruptcy Court in Delaware approved TK Holdings Inc’s motion to extend the period in which it has the exclusive right to file a restructuring plan through Jan. 21 and to solicit support from stakeholders for a plan through Feb. 27.

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