Nissan Motor Co. in global restructuring of Takata Corporation

Client(s) Nissan Motor Co., Ltd.

Jones Day is representing Nissan Motor Co., Ltd. and its affiliates and subsidiaries in connection with the global restructuring of Takata Corporation and its subsidiaries. The restructuring involves over $50 billion in potential liabilities resulting from worldwide recalls of PSAN airbag inflators and is to be effectuated through (a) the global sale of certain Takata's non-PSAN businesses to Key Safety Systems ("KSS") for almost $1.6 billion, and (b) a restructuring of Takata's PSAN inflator business into a stand-alone business. The restructuring is to be implemented across multiple jurisdictions, including via insolvency proceedings in Japan and the United States, and an out-of-court transaction in Germany. The Jones Day team, headed by Pedro Jimenez, is providing restructuring advice to Nissan, a significant creditor and customer of Takata and a member of a group of original equipment manufacturers that have been negotiating with KSS and Takata to develop and implement the global restructuring transactions.

The Jones Day team also represents Nissan North America in connection with the chapter 11 bankruptcy case of TK Holdings, as well as in the chapter 15 case of Takata Corporation currently before the U.S. Bankruptcy Court for the District of Delaware.