Takata Corporation (hereafter: “Takata”) has established an external Steering Committee and commissioned it to develop a comprehensive restructuring plan to address the various issues related to airbag recalls.
In formulating the restructuring plan, Takata considers the stable supply of products including replacement parts for recalls to be its top priority. If Takata were to undergo restructuring based on legal proceedings of any sort, it would result in disruptions in the supply chain, which may directly make Takata unable to fulfill its supply responsibilities and impact on a wide range of Takata stakeholders as a result.
Takata is greatly disappointed at recent nonfactual and potentially misleading media reports which caused considerable market confusion with assumptions that the Company may be progressing towards legal proceedings. Restructuring through legal proceedings of any sort is not being considered by Takata as an option. Takata aims to pursue a restructuring based on consensual agreement by all relevant parties, with consideration of all its stakeholders, and therefore seeks ongoing support for this process from the parties involved.
The Steering Committee has shared the same value with Takata, and Takata continues to work under the guidance of the Committee to develop a restructuring plan supported by new equity investors. Discussions are currently being held with relevant parties based on this understanding, and any information for disclosure will be announced promptly as it arises.
