Takata bankruptcy expected early Monday in Japan, U.S.Staff Writer | June 25, 2017
Japanese air bag maker Takata Corp. is expected to seek bankruptcy protection in Tokyo and the United States early Monday.
Auto industry At least 16 deaths and 180 injuries
They're responsible for at least 16 deaths and 180 injuries and have touched off the largest automotive recall in U.S. history.
So far 100 million inflators have been recalled worldwide including 69 million in the U.S., affecting 42 million vehicles.
Rival Key Safety Systems, based in suburban Detroit, will buy most of Takata's assets for $1.6 billion and take over its manufacturing operations to make seat belts, air bags and other automotive safety devices, according to two people briefed on the matter.
Some remnants of Takata will be folded into an entity with a different name to keep manufacturing inflators used as replacement parts in recalls, said the people, who didn't want to be identified because the bankruptcy terms have not been made public.
The recalls, which are being handled by 19 affected automakers, will continue. ■