Takata Said to Decide on Bankruptcy Protection on Liabilities

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

Takata is a Japanese manufacturer of automotive components, due to faulty airbags, bringing the world killed at least 17 people and withdrawn hundreds of millions of cars, to begin bankruptcy proceedings. Settlement agreements with Toyota, Subaru, BMW and Mazda have already received preliminary approval from the MDL Court, and will accelerate the removal of unsafe airbag inflators from 15.8 million vehicles and compensate consumers for economic losses associated with the recall.

In fact, the last batch of US repairs is not scheduled to begin until September 2020, according to the National Highway Traffic Safety Administration, which is overseeing the recall.

"Filing for bankruptcy is going to protect Takata financially, but it's not going to protect drivers who have been injured or are going to be injured", Morrison said.

The sale of its business to Key Safety Systems won't save everything from the Takata bankruptcy.

GM added that does not anticipate any supply disruptions as a result of Takata's bankruptcy.

Takata's CEO Shigehisa Takada through a prepared statement said the company believes that the actions taken in the USA and Japan are the best means to address the current ongoing liabilities and costs of the issues arising from the airbag inflator in an organized way.

Total liabilities, including recall costs, should exceed 1 trillion yen ($9 billion), the person said, asking not to be identified because the information is private.

Seko, speaking to reporters, said he asked ministry officials to devise a scheme to provide 100 percent loan guarantees to small businesses that may be affected by Takata's bankruptcy.

Ford isn't disclosing the cost of its Takata air bag repairs, saying it included the estimates in its overall financial outlook.

Key Safety Systems (KSS) announced Monday that it worked with Takata on the plan that will see the company pay $1.6 billion for Takata's global assets and operations.

"The combined business would be well positioned for long-term success in the global automotive industry", Takata CEO Shigehisa Takada said Sunday in a statement.

In January, Takata admitted to hiding the deadly risks of its exploding air bags for about 15 years in an agreement to pay $1 billion to USA regulators, consumers and carmakers. Honda, a major Takata customer, first sounded the alarm in 2008 that there might be a problem.

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

Three of its executives were indicted in connection with the safety defects. Toyota, Subaru, Mazda and BMW will reimburse out-of-pocket expenses, provide loaners to some vehicle owners and set up an outreach program to increase participation in recalls, according to court papers filed May 18.

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