Takata, Unable to Overcome Airbag Crisis, Files for Bankruptcy Protection
RisingWorld
2017-06-27
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Takata, Unable to Overcome Airbag Crisis, Files for Bankruptcy Protection
By JONATHAN SOBLEJUNE 25, 2017
TOKYO — Takata, the Japanese auto parts maker crippled by vast airbag recalls, filed for bankruptcy protection in the United States
and Japan and said it would sell its surviving operations to a Chinese-owned American rival, Key Safety Systems.
Honda, Takata’s biggest customer, said in a statement on Monday that the bankruptcy meant recovering money from Takata would be “difficult.”
Takata, a Japanese equipment manufacturer that has struggled since a scandal erupted nearly a decade
ago over airbag ruptures tied to at least 14 deaths, said it would file for bankruptcy.
Key Safety Systems, which makes airbags, seatbelts and other auto safety equipment, said it would buy Takata’s factories for about $1.6 billion.
By JONATHAN SOBLEJUNE 25, 2017
TOKYO — Takata, the Japanese auto parts maker crippled by vast airbag recalls, filed for bankruptcy protection in the United States
and Japan and said it would sell its surviving operations to a Chinese-owned American rival, Key Safety Systems.
Honda, Takata’s biggest customer, said in a statement on Monday that the bankruptcy meant recovering money from Takata would be “difficult.”
Takata, a Japanese equipment manufacturer that has struggled since a scandal erupted nearly a decade
ago over airbag ruptures tied to at least 14 deaths, said it would file for bankruptcy.
Key Safety Systems, which makes airbags, seatbelts and other auto safety equipment, said it would buy Takata’s factories for about $1.6 billion.
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