Japanese Faulty Airbag Maker Takata Files for Bankruptcy Protection

Honda Engineer Debunks Own Claim About Cause Of Takata Air Bag Failures

Takata's products, which can malfunction sending shards of metal at drivers and passengers, have been linked to at least 17 deaths worldwide. In Japan, the recall affects close to 19 million vehicles and is 73 percent complete, a spokesman at the country's transport ministry said this month.

January 2012: In a meeting with US auto-safety regulators, Takata "failed to clarify inaccurate information" on the air bags, according to a consent decree the company later signed.

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 past year, would gain greater access to Japanese automakers and the combined entity would pull closer in market share to leader Autoliv Inc.

It is unclear if actual vehicle owners will be affected by the bankruptcy and sale of Takata, as federal regulators have already created a system dictating the replacement of the airbag inflators. In 2013, the company issued a recall for vehicles equipped with airbags that used ammonium nitrate in the inflation process.

"KSS is the ideal sponsor as we address the costs related to airbag inflator recalls, and an optimal partner to the company's customers, suppliers and employees", Shigehisa Takada, Chairman & CEO of Takata, said in a statement.

Japanese air-bag manufacturer Takata filed for bankruptcy protection late Sunday.

When he wrote email to his colleague, he was referring to an October 16, 1999 event in which a prototype Takata air bag inflator ruptured, the engineer stated.

Takata Corporation is an automotive parts company based in Japan.


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.

TOKYO―Takata executives faced angry investors Tuesday after the company at the center of the world's biggest auto safety recall filed for bankruptcy and said it was being bought by a USA company.

The controlling Takada family initially appeared to be holding out hope that it could find a white knight investor to save the company - perhaps by buying a minority stake - leaving Takata intact and out of bankruptcy.

On top of this, the company agreed to pay US$125 million to a victims' compensation fund.

Takata's airbags were the subject of the largest automotive recall in USA history.

Takata's biggest customer, Honda, first started recalling Accord and Civic models in 2008 to replace the supplier's air bags.

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

Preliminary approval was granted on June 12 to class action settlement agreements that resolve economic loss claims against automakers such as BMW, Mazda, Subaru, and Toyota.

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