Society

Takata has filed for bankruptcy protection

Jun 26 (NHK) - Struggling Japanese airbag maker Takata has filed for bankruptcy protection in a Tokyo court, following massive recalls of its products around the world.

The decision came at a board meeting on Monday morning.

Takata posted a net loss of more than 700 million dollars for the last fiscal year due to the recalls.

The company's liabilities exceed 1 trillion yen, or about 9 billion dollars. They include the costs of recalls, which were shouldered by automakers. A corporate failure with liabilities of more than 1 trillion yen is the largest ever for a Japanese manufacturer.

Takata said it has reached a basic deal to transfer its operations to US auto parts maker Key Safety Systems for about 1.6 billion dollars.

Source: ANNnewsCH

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