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
Tue, Jun 27, 2017 - 5:50 AM
Takata's creditor protection filing removes the final hurdle for it to be acquired by Key Safety Systems Inc, a unit of China's Ningbo Joyson Electronic Corp, for 175 billion yen.
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.