Takata files for bankruptcy protection in the US and Japan
Tokyo-based company yields under liabilities from millions of recalled airbags that have been linked to over a dozen deaths
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Tokyo
TAKATA Corp filed for bankruptcy protection in the biggest postwar Japanese corporate failure in the manufacturing industry, as the 84-year-old company buckled under liabilities from millions of recalled airbags that have been linked to more than a dozen deaths.
The Tokyo-based company and its units filed for creditor protection in the US and Japan. The Chapter 11 bankruptcy in Delaware listed more than US$10 billion in liabilities, including claims from carmakers including Honda Motor Co - the biggest user of the airbags - and Toyota Motor Corp, as well as individuals who have brought class-action lawsuits.
