10:45, June 27 75 0

2017-06-27 10:45:06
Skadden and Weil advise on $1.6bn sale of Japanese airbag maker Takata

Skadden Arps Slate Meagher & Flom has been instructed by US airbag maker Key Saftey Systems (KSS) to advise on the acquisition of $1.6bn assets from Takata, as the Japanese company files for bankruptcy.

Takata, which was brought down by a global airbag recall and filed for bankruptcy in Japan and the US yesterday,has agreed to sell most of its global assets and operations to KSS for $1.6bn. KSS is owned by Chinese company Joyson Electronics.

The Skadden team acting for KSS was led by Chicago-based corporate restructuring partner Ron Meisler and Wilmington-based M&A partner Steven Daniels. The team also consisted of nine other partners across restructuring, M&A, banking, tax, litigation and antitrust from its US, Europe and UK offices.

Takata turned to Weil Gotshal & Manges for advice on the sale, while Japanese firm Nagashima Ohno & Tsunematsu acted as its Japanese counsel.

Both firms also assisted in the US investigation over the Japanese car part manufacturer’s sale of defective air bags, which led to the largest product recall in the industry, and the bankruptcy case.

Weil’s New York restructuring partners Marcia Goldstein and Ronit Berkovich are advising Takata in its US bankruptcy proceedings and are part of the team assisting in its sale to KSS.

It is understood that Weil has received a total payment of $19.1m from Takata since it was retained as restructuring counsel in August 2015.

Nagashima’s team is led by Tokyo-based corporate crisis management partner Akihisa Shiozakim, who also handled product recall-related legal work for Takata.