Multi-National Sources Say Takata Corp. About to File for Bankruptcy Protection

Multi-National Sources Say Takata Corp. About to File for Bankruptcy Protection

Multi-National Sources Say Takata Corp. About to File for Bankruptcy Protection

The plans were first reported by the Nikkei news service in Japan.

Global media sources are reporting that Japanese airbag maker Takata Corp.is preparing to file for bankruptcy as early as the week of June 18 as it works toward a deal for financial backing from US auto parts maker Key Safety Systems Inc., people familiar with the matter told Automotive News.

"Ultimately the responsibility for the Takata airbag recalls rests with the automakers who must figure out how to replace the flawed airbags". Only around 35 percent of the 46.2 million recalled inflators have been replaced so far.

Takata, the air-bag maker behind the biggest safety recall in automotive history, plans to file for bankruptcy as soon as next week, according to a person familiar with the matter. The company's airbag recall is the largest automotive recall in United States history.

"Less than one year ago, a member of our community lost her life when the recalled airbag in her vehicle exploded like a grenade, spraying sharp, metal shrapnel at her face, neck and chest", Riverside mayor Rusty Bailey said in a news release.

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At least 16 deaths and more than 180 injuries have been linked to the defects globally.

Takata plead guilty to criminal wrongdoing and agreed to pay $1 billion in order to resolve an investigation initiated by the U.S justice department.

Moreover the company paid a $25 million fine, $125 million to people hurt by the airbags and $850 million to companies that used them. The manufacturer continued to sell its inflators and automakers continued to make use of them well after the issue found to be endemic, with 2016 model year vehicles being released and put on the growing recall list nearly immediately. Takata's bankruptcy was nearly a foregone conclusion, but the need to replace tens of millions of airbags remains.

This filing could arrive in the coming week both in Japan and the United States, where it has a subsidiary and is looking for a buyer. "A plus for Takata is the fact that the number of airbag suppliers has dwindled to a mere few".

Presumably, Takata will continue manufacturing airbags throughout the bankruptcy proceedings. "Now that the company's credibility has been shot, it's possible the brand may never recover and gets back to where it once was".

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