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Fifth Amended Joint Chapter 11 Plan of Reorganization of Tk Holdings Inc

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Fifth Amended Joint Chapter 11 Plan of Reorganization of Tk Holdings Inc Case 17-11375-BLS Doc 2116 Filed 02/20/18 Page 1 of 632 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE ------------------------------------------------------x : In re : Chapter 11 : TK HOLDINGS INC., et al., : Case No. 17-11375 (BLS) : Debtors.1 : Jointly Administered : ------------------------------------------------------x FIFTH AMENDED JOINT CHAPTER 11 PLAN OF REORGANIZATION OF TK HOLDINGS INC. AND ITS AFFILIATED DEBTORS WEIL, GOTSHAL & MANGES LLP RICHARDS, LAYTON & FINGER, P.A. Marcia L. Goldstein Mark D. Collins (No. 2981) Ronit J. Berkovich Michael J. Merchant (No. 3854) Matthew P. Goren Amanda R. Steele (No. 5530) Jessica Diab Brett M. Haywood (No. 6166) 767 Fifth Avenue One Rodney Square New York, New York 10153 920 N. King Street Telephone: (212) 310-8000 Wilmington, Delaware 19801 Facsimile: (212) 310-8007 Telephone: (302) 651-7700 Facsimile: (302) 651-7701 Attorneys for the Debtors and Debtors in Possession Attorneys for the Debtors and Debtors in Possession Dated: February 20, 2018 Wilmington, Delaware 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, as applicable, are: Takata Americas (9766); TK Finance, LLC (2753); TK China, LLC (1312); TK Holdings Inc. (3416); Takata Protection Systems Inc. (3881); Interiors in Flight Inc. (4046); TK Mexico Inc. (8331); TK Mexico LLC (9029); TK Holdings de Mexico, S. de R.L. de C.V. (N/A); Industrias Irvin de Mexico, S.A. de C.V. (N/A); Takata de Mexico, S.A. de C.V. (N/A); and Strosshe-Mex, S. de R.L. de C.V. (N/A). Except as otherwise set forth herein, the Debtors’ international affiliates and subsidiaries are not debtors in these chapter 11 cases. The location of the Debtors’ corporate headquarters is 2500 Takata Drive, Auburn Hills, Michigan 48326. WEIL:\96453325\6\76903.0004 Case 17-11375-BLS Doc 2116 Filed 02/20/18 Page 2 of 632 Table of Contents ARTICLE I DEFINITIONS AND INTERPRETATION. .....................................................1 1.1 Definitions..........................................................................................................1 1.2 Interpretation; Application of Definitions; Rules of Construction. .................44 1.3 Reference to Monetary Figures. .......................................................................45 1.4 Consent Rights of Restructuring Support Parties, the Creditors’ Committee, the Tort Claimants’ Committee, and the Future Claims Representative. .................................................................................................45 1.5 Controlling Document. ....................................................................................45 ARTICLE II ADMINISTRATIVE EXPENSE CLAIMS, FEE CLAIMS, AND PRIORITY TAX CLAIMS. .............................................................................46 2.1 Administrative Expense Claims Bar Date. ......................................................46 2.2 Allowance of Administrative Expense Claims. ...............................................46 2.3 Payment of Allowed Administrative Expense Claims. ....................................47 2.4 Adequate Protection Claims. ...........................................................................48 2.5 Treatment of Fee Claims. .................................................................................48 2.6 Treatment of Priority Tax Claims. ...................................................................49 ARTICLE III CLASSIFICATION OF CLAIMS AND INTERESTS. ..................................50 3.1 Classification in General. .................................................................................50 3.2 Summary of Classification of Claims and Interests. ........................................50 3.3 Elimination of Vacant Classes. ........................................................................53 3.4 Voting Classes; Presumed Acceptance by Non-Voting Classes. .....................53 3.5 Voting; Presumptions; Solicitation. .................................................................53 3.6 Cramdown. .......................................................................................................53 3.7 No Waiver. .......................................................................................................54 ARTICLE IV TREATMENT OF CLAIMS AND INTERESTS. ..........................................54 4.1 Claims and Interests against TKAM. ...............................................................54 4.2 Claims and Interests against TKF. ...................................................................56 4.3 Claims and Interests against TKC. ...................................................................58 4.4 Claims and Interests against the TKH Debtors. ...............................................60 4.5 Claims and Interests against IIM. ....................................................................64 4.6 Claims and Interests against TDM. ..................................................................69 4.7 Claims and Interests against SMX. ..................................................................73 4.8 Debtors’ Rights in Respect of Unimpaired Claims. .........................................77 4.9 Treatment of Vacant Classes. ..........................................................................77 ARTICLE V MEANS FOR IMPLEMENTATION. .............................................................77 5.1 Restructuring Transactions. .............................................................................77 5.2 Sale of Purchased Assets. ................................................................................77 5.3 Plan Sponsor Backstop Funding. .....................................................................78 5.4 Vesting of Assets. ............................................................................................79 5.5 Allocation of Purchase Price. ...........................................................................79 5.6 The Reorganized TK Holdings Trust. ..............................................................85 i WEIL:\96453325\6\76903.0004 Case 17-11375-BLS Doc 2116 Filed 02/20/18 Page 3 of 632 5.7 TK Global LLC ................................................................................................88 5.8 Reorganized Takata. ........................................................................................90 5.9 The Warehousing Entity. .................................................................................94 5.10 The PSAN PI/WD Trust ..................................................................................99 5.11 TKC Restructuring Transaction. ....................................................................113 5.12 TSAC DOJ Restitution Claim Funding Deficiency. ......................................114 5.13 Mexico Restructuring Transaction. ................................................................115 5.14 Charters; By-laws. ..........................................................................................116 5.15 Cancellation of Notes, Interests, Instruments, Certificates, and Other Documents. ....................................................................................................116 5.16 Separate Plans. ...............................................................................................116 5.17 Merger; Dissolution; Consolidation; Discharge. ...........................................116 5.18 Closing of the Chapter 11 Cases. ...................................................................117 5.19 Plan Settlement. .............................................................................................117 ARTICLE VI DISTRIBUTIONS. ........................................................................................123 6.1 Distributions Generally. .................................................................................123 6.2 Distribution Formula. .....................................................................................123 6.3 Contributions Distribution Formula. ..............................................................125 6.4 Available Cash. ..............................................................................................125 6.5 Initial Distribution of Available Cash. ...........................................................125 6.6 Date of Distributions. .....................................................................................125 6.7 Disbursing Agent. ..........................................................................................126 6.8 Rights and Powers of Disbursing Agent. .......................................................126 6.9 Expenses of Disbursing Agent. ......................................................................126 6.10 Delivery of Distributions. ..............................................................................126 6.11 Undeliverable and Unclaimed Distributions. .................................................127 6.12 Distribution Record Date. ..............................................................................127 6.13 Manner of Payment under Plan......................................................................127 6.14 Minimum Cash Distributions. ........................................................................127 6.15 Setoffs and Recoupment. ...............................................................................128 6.16 Distributions after Effective Date. .................................................................128
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