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Jun 26, 2017

TAKATA´s BANKRUPCTCY * Japan - $10 billions in liabilities by recalled air bags

* Tokyo - Troubled air-bag maker Takata files for bankruptcy in Japan and the U.S.

--- Takata Corp. filed for bankruptcy protection in the biggest postwar Japanese corporate failure in the manufacturing industry, as the 84-year-old company buckled under liabilities from millions of recalled air bags that have been linked to more than a dozen deaths... The Tokyo-based company and its units filed for creditor protection in the U.S. and Japan. The Chapter 11 bankruptcy in Delaware listed more than $10 billion in liabilities, including claims from automakers including Honda Motor Co. -- the biggest user of the air bags -- and Toyota Motor Corp. as well as individuals who have brought class-action lawsuits... The filing is the culmination of a saga that began with a recall more than eight years ago but has spiraled as the company’s malfunctioning airbag inflators -- which sent shards of metal at drivers and passengers -- have been blamed for at least 17 deaths worldwide. It also removes the final hurdle for the supplier to be acquired by Key Safety Systems Inc., a unit of China’s Ningbo Joyson Electronic Corp., for 175 billion yen ($1.6 billion)... 
 (Photo Recall monitor air bag)   --  Tokyo, Japan - Bloomberg, by Jie Ma/Emi Nobuhiro/Dawn McCarty and Tiffany Kary - 26 June 2017

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