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Distressed M&A
Live from the 2026 Distressed Investing Summit Deal Forum at the Four Seasons Resort Palm Beach, this fireside chat digs into distressed and opportunistic M&A through the lens of one of the most complex deals in recent auto industry history: Key Safety Systems' acquisition of Takata, the airbag supplier behind one of the largest product recalls in consumer history.
Featuring:
- Ron E. Meisler — Partner, Corporate Restructuring, Skadden (moderator)
- Lenny La Rocca — US Automotive Leader, KPMG
- Steven Daniels — Partner, M&A / Private Equity, Skadden
- Joe Perkins — Board Advisor, Paslin; former Interim CEO, Key Safety Systems
What's covered:
- The four value drivers of distressed M&A: limited competition, bargain pricing, compressed timelines, and the finality of a free-and-clear 363 sale — plus the tradeoffs, from perpetual auctions to diligence crunches
- Inside Takata's collapse: a defective airbag inflator recall covering roughly 350-360 million units worldwide, a $1 billion DOJ criminal penalty for falsified safety records, and why the auto industry's sole-source supply chain made Takata's survival non-negotiable
- How fourth-place player Key Safety Systems (under 10% market share) won a deal to absorb a company seven times its size, and why buyer viability became as important as price
- Building consensus across an enormous stakeholder map: the top 15 global OEMs, NHTSA, the DOJ, CFIUS, tort claimants, and an unsecured creditors' committee — and the "carrot and stick" that got 99.8% of OEMs to sign indemnity agreements (sign on, or lose your parts supply)
- Running parallel court processes in the US, Japan, and Canada to close a single, coordinated global transaction
- The CFIUS wrinkle few saw coming: a Chinese buyer, a US military-grade fabric component, and a deal structure built to clear national security review
- Why the true measure of success wasn't just closing the deal — it was the cost of not doing it, and what the post-transaction NewCo delivered for every stakeholder at the table
A masterclass in structuring mega-deals under pressure: managing competing interests, regulatory scrutiny, and cross-border complexity when billions of dollars and public safety are on the line.
Since 1998, The M&A Advisor has been the definitive source for recognizing achievement and connecting the world's mergers, acquisitions, and turnaround elite. Whether you're new to dealmaking or a seasoned veteran, this podcast delivers masterclass strategies and unvarnished stories from the industry's most influential figures.
Follow us on Spotify, Apple Podcasts, and YouTube, and subscribe to our M&A Alerts email newsletter for a steady feed of premium M&A content. Links in the episode description.
Hosted by Roger Aaron, Founder and CEO of The M&A Advisor.
Stay decisive. Stay connected. Happy dealing.
View all episodes
By M&A AdvisorLive from the 2026 Distressed Investing Summit Deal Forum at the Four Seasons Resort Palm Beach, this fireside chat digs into distressed and opportunistic M&A through the lens of one of the most complex deals in recent auto industry history: Key Safety Systems' acquisition of Takata, the airbag supplier behind one of the largest product recalls in consumer history.
Featuring:
- Ron E. Meisler — Partner, Corporate Restructuring, Skadden (moderator)
- Lenny La Rocca — US Automotive Leader, KPMG
- Steven Daniels — Partner, M&A / Private Equity, Skadden
- Joe Perkins — Board Advisor, Paslin; former Interim CEO, Key Safety Systems
What's covered:
- The four value drivers of distressed M&A: limited competition, bargain pricing, compressed timelines, and the finality of a free-and-clear 363 sale — plus the tradeoffs, from perpetual auctions to diligence crunches
- Inside Takata's collapse: a defective airbag inflator recall covering roughly 350-360 million units worldwide, a $1 billion DOJ criminal penalty for falsified safety records, and why the auto industry's sole-source supply chain made Takata's survival non-negotiable
- How fourth-place player Key Safety Systems (under 10% market share) won a deal to absorb a company seven times its size, and why buyer viability became as important as price
- Building consensus across an enormous stakeholder map: the top 15 global OEMs, NHTSA, the DOJ, CFIUS, tort claimants, and an unsecured creditors' committee — and the "carrot and stick" that got 99.8% of OEMs to sign indemnity agreements (sign on, or lose your parts supply)
- Running parallel court processes in the US, Japan, and Canada to close a single, coordinated global transaction
- The CFIUS wrinkle few saw coming: a Chinese buyer, a US military-grade fabric component, and a deal structure built to clear national security review
- Why the true measure of success wasn't just closing the deal — it was the cost of not doing it, and what the post-transaction NewCo delivered for every stakeholder at the table
A masterclass in structuring mega-deals under pressure: managing competing interests, regulatory scrutiny, and cross-border complexity when billions of dollars and public safety are on the line.
Since 1998, The M&A Advisor has been the definitive source for recognizing achievement and connecting the world's mergers, acquisitions, and turnaround elite. Whether you're new to dealmaking or a seasoned veteran, this podcast delivers masterclass strategies and unvarnished stories from the industry's most influential figures.
Follow us on Spotify, Apple Podcasts, and YouTube, and subscribe to our M&A Alerts email newsletter for a steady feed of premium M&A content. Links in the episode description.
Hosted by Roger Aaron, Founder and CEO of The M&A Advisor.
Stay decisive. Stay connected. Happy dealing.