Takata Files For Bankruptcy; US Subsidiary of Chinese Supplier To Buy Firm

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

With liabilities expected to exceed 1 trillion yen ($9 billion), Takata's bankruptcy would be the largest ever by a Japanese manufacturer.

In fact, the last batch of USA repairs is not scheduled to begin until September 2020, according to the National Highway Traffic Safety Administration, which is overseeing the recall. The new sponsor will not be liable for these inflators, which use ammonium nitrate, the volatile chemical compound at the root of the defective airbags.

While her vehicle is not as old as the 2001-03 model year vehicles that are considered a priority for repairs, it still makes Dickie nervous to drive it.

As part of the Takata bankruptcy, the company is selling off the majority of its business. Those families will receive compensation through a program managed by Kenneth Feinberg, who also managed the 9/11 victim compensation fund and General Motors ignition-switch fund.

In January, Takata admitted to hiding the deadly risks of its exploding air bags for about 15 years in an agreement to pay US$1 billion to USA regulators, consumers and carmakers.

Takata yesterday said it has agreed to be bought by American auto parts maker Key Safety Systems, owned by China's Ningbo Joyson Electronic, for about US$1.58 billion (S$2.2 billion).

February 20, 2015: NHTSA orders Takata to pay $14,000 per day for an inadequate response to the defect probe.

According to a Takata vice president, more than 70 percent of the airbags recalled in Japan have been replaced, and 36 percent have been replaced in the U.S. He said progress of the recalls in other countries was unknown. The automaker later became its biggest customer, a relationship that came back to bite Honda when Takata became embroiled in its defective inflator scandal. "All vehicle owners should regularly check their vehicles for recalls at SaferCar.gov and go get them fixed at no cost as soon as replacement parts are available". "This agreement would allow that to continue".

Takata has 12 overseas subsidiaries that have also filed for bankruptcy protection.

Takata will essentially be divided into two companies. The company acknowledged that it manipulated testing data that it provided to automakers, convincing them to buy Takata's airbags over those made by other manufacturers.

As for the mark, it is likely to disappear once the case is settled, which could take time.

Takata was originally founded in 1933 as a textiles maker, and still produces approximately one third of all seatbelts used in all vehicles globally. Almost every global automaker - including Asian, German and US auto manufacturers - used its seat belts and air bags in their cars and trucks.

November 2009: The National Highway Traffic Safety Administration opens an investigation into Honda's handling of the recalls but later determines that the automaker had acted responsibly.

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