May 03, 2018
Weil was profiled in Law360’s “Sealing the Deal” series for its work advising Takata on its chapter 11 bankruptcy and completed $1.6 billion asset sale to Key Safety Systems (KSS).
The article highlights the extremely complex nature of the situation, which involved a $650 million settlement with injured drivers in the United States, the aligning of all of the major auto manufacturers, a stalking horse bid by KSS to buy Takata’s viable assets out of bankruptcy, approval by multiple bankruptcy courts in the United States and Japan, and the largest auto safety recall in U.S. history. M&A partner Gavin Westerman commented, “I’ve never experienced something as complex as this one.”
Business Finance & Restructuring partner Ronit Berkovich commented on the importance of effective collaboration, not only within the Weil team, but also with the many other parties involved, including more than a dozen original equipment manufacturers, or OEMs. “For us to have executed successfully required teamwork internally as well as cooperation with our co-counsel around the globe and the OEMs and purchaser counsel,” she said. “For the associates involved, it’s the kind of case that really can make your career.”