Published: Fri, June 30, 2017
Sport | By Fredrick Flores

Takata Files for Bankruptcy, Recall Repairs to Continue

Takata Files for Bankruptcy, Recall Repairs to Continue

The company faces billions of dollars in liabilities and compensation over the faulty parts, which have been linked to at least 17 deaths and over 150 injuries worldwide.

But many civil complaints remain, particularly in the United States, the most affected country, and millions of vehicles have yet to be reported to the garage out of the 100 million globally recalled gonglable cushions.

The company's air bags are used on vehicles for almost all of the world's major automakers, affecting about one-quarter of all vehicles on the road in the U.S.as of two years ago, according to one estimate.

Takata took the first step in the purchase by filing for bankruptcy.

Even so, Key Safety, the world's fourth-largest air-bag maker bought by Ningbo Joyson a year ago, would gain greater access to Japanese automakers and the combined entity would pull closer in market share to leader Autoliv Inc.

Dorado's auto was found to have a defective Takata air bag that had been taken from another vehicle.

But in certain limited cases, Honda still uses ammonium nitrate inflators from Takata as replacements for those recalled, Kachi said.

Japan Credit Rating Agency on June 20 cut Takata's credit rating to the lowest level before default citing the increasing likelihood that the component maker will file for bankruptcy protection.

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"We do not expect a Takata bankruptcy to have an impact on claims pending against auto manufacturer defendants for their role in the airbag scandal".

Takata will essentially be divided into two companies. That part of Takata will eventually be wound down, according to a statement from Key Safety Systems.

February 2004: Unidentified Takata executive admits to "manipulating" test data on air-bag inflators, according to the company's criminal settlement with the U.S. Justice Department. It agrees to accept an independent compliance monitor and agrees to a recall of some 32 million inflators on vehicles for many automakers, including BMW, Fiat Chrysler, Daimler, Ford, General Motors, Honda, Mazda, Mitsubishi, Nissan, Subaru and Toyota.

Key Safety, headquartered in Sterling Heights, Mich., said it would purchase almost most of Takata's global assets and operations in a deal worth almost $1.6 billion.

Japanese and USA authorities peg the total number of products targeted in the recall at around 100 million worldwide.

The CEO of Takata, who has long pushed back the scenario of bankruptcy, refused to let go the reins, officially welcomed the choice of KSS, "an ideal takeover". Takata's assets bring with them a deep customer base.

January 22, 2016: Federal auto safety regulators attribute a tenth death to a ruptured Takata air bag.

The safety agency is also making sure older cars are fixed first, since the chemical Takata used in the air bags, ammonium nitrate, degrades over time, especially in hot, humid climates.

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