Takata Corp. filed for bankruptcy protection

Takata Corp. filed for bankruptcy protection: Takata Corp. filed for bankruptcy protection in Japan and the U.S., after the world’s biggest automotive recall scandal. The company will be bought by the U.S. supplier Key Safety for $1.59 billion. The sale will not include some operations related to Takata’s business in the ammonium nitrate airbag inflators that were the subject of a global recall linked to defects that resulted in some airbags exploding with too much force and spraying the cabin with metal shards.



Malfunctioning Takata airbag inflators have been linked to at least 16 deaths and 180 injuries worldwide and a $1 billion fine in the U.S. In January, a federal grand jury indicted three former Takata executives for criminal wrongdoing in connection with the safety defect. Key Safety said the amonium nitrate airbag inflator operations would be run by a reorganized Takata following the closing of the transaction -- and they would eventually wind down.

Read more