[Newsmaker] Takata files for bankruptcy, overwhelmed by air bag recalls
World NewsJun 26, 2017
Japanese air bag maker Takata Corp. filed for bankruptcy protection in Tokyo and the US on Monday, saying it was the only way to ensure it could carry on supplying replacements for faulty air bag inflators linked to the deaths of at least 16 people. Most of Takata's assets will be bought by rival Key Safety Systems, a Chinese-owned company based in suburban Detroit, for about $1.6 billion. The company’s executives sought to reassure their customers, suppliers and shareholders in a news conferen