Takata Files for Bankruptcy Protection
Seems like the airbag crisis truly took a toll on Takata. The Japanese airbag manufacturer has recently filed for bankruptcy protection in the US and Japan. Following many months of seeking for a prospective buyer, Takata decided to sell its assets to Key Safety Systems (KSS). Their deal amounted to roughly $1.59 billion, virtually Takata’s entire assets minus specific ops related to the controversial airbag inflators that caused worldwide recall. These divisions shall be managed by a restructured Takata post-transaction. This deal will likely be finalized and closed come 1st quarter of 2018.
Read more on Motor Trend.
Photo credit: Wikimedia.
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