June 26, 2017 / 12:28 AM / a month ago

BRIEF-Takata and Key Safety Systems reach agreement regarding sale of substantially all of Takata's assets

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June 26 (Reuters) - Takata Corp:

* Takata corp says kss intends to establish an asia regional headquarters in tokyo, which should create new jobs in japan

* Takata corporation and key safety systems reach agreement in principle regarding sale of substantially all of takata’s assets

* Takata corp says proceeds from sale will be used to meet requirements of plea agreement with u.s. Department of justice

* Takata corp says expected that proceedings under civil rehabilitation act in japan and chapter 11 process in u.s. Will be completed in q1 of 2018

* Takata corp says kss plans to retain substantially all of takata's employees across world on comparable employment terms as currently provided

* Takata corp says kss plans to continue to support and utilize takata's presence in japan, and does not intend to shut down any of takata's manufacturing facilities there

* Takata corp says takata and kss are working toward finalizing a definitive agreement in coming weeks, with an expected transaction close in q1 of 2018

* Takata corp says for sale of substantially all of takata's global assets and operations to kss for an aggregate purchase price of approximately ¥175 billion ($1.588 billion)

* Takata corp says tkjp has obtained a commitment for up to a ¥25 billion revolving credit facility dip financing to be provided by sumitomo mitsui banking corporation

* Takata corp says civil rehabilitation proceedings should have no effect on ability of drivers to get replacements for recalled takata airbag inflators free of charge Source text for Eikon: Further company coverage:

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