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Takata reportedly preparing for bankruptcy www3.nhk.or.jp
Sources say struggling Japanese auto parts maker Takata is taking final steps to file for bankruptcy as early as this month. The company is one of the world's top 3 airbag producers but has been involved in a worldwide recall since 2013.
The company posted its biggest net loss ever in fiscal 2016 due to mounting costs stemming from the recall.
It's said to be filing for bankruptcy to get financial backing worth an estimated 1.8 billion dollars from US auto parts maker Key Safety Systems.
In January, Takata agreed to pay one billion dollars in penalties to settle charges with the US Justice Department over faulty airbags.
Takata airbags were responsible for at least 11 deaths, as well as injuries to 2 people in Japan.
Company officials decided to sell off subsidiaries and seek a sponsor to help rebuild the firm.
Published Date:2017-06-16
