Simpson Thacher & Bartlett is advising Mitsubishi Motors Corp. on a $2.5 billion share sale.

The Japanese automaker will sell 217.8 million shares at $10.73 apiece in order to raise money to buy back preferred stock from shareholders.

Mitsubishi Motors was bailed out by other Mitsubishi affiliates about a decade ago through the purchase of preferred shares. The automaker had seen sales fall after it admitted covering up defects in its vehicles. The company plans to repurchase those preferred shares so that they will not be converted to common shares, which would dilute the stock’s value. Mitsubishi Motors also plans to resume a dividend payment to common shareholders.

Tokyo partners David Sneider and Takahiro Saito are leading the Simpson Thacher team acting for Mitsubishi Motors. Mori Hamada & Matsumoto Tokyo partners Satoshi Nakamura, Koji Toshima and Kubota Shuhei are advising on Japanese law.

Sullivan & Cromwell Tokyo partner Izumi Akai is representing underwriters Morgan Stanley, Nomura and Bank of American Merrill Lynch. Nagashima Ohno & Tsunematsu Tokyo partner Hidetaka Mihara is serving as Japanese counsel to the banks.