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air bag maker takata to file for bankruptcy this month: sources

by:Sunshinepack     2019-08-29
New york/WASHINGTON (Reuters)-
Japanese company Takata, which faces billions of dollars in debt for its defective gas bag inflator, is preparing to file for bankruptcy as early as next week as it is working to reach a financial support agreement from the United States. S.
Auto parts maker Key Safety Systems company, sources said on Thursday.
Takata, one of the world\'s largest auto suppliers, has been working for months to complete a key security agreement.
A person familiar with the matter told Reuters that as part of the bankruptcy restructuring, Key is expected to acquire Takata assets.
According to the Nikkei business daily, a new company created by Key will acquire Takata company for about 180 billion yen ($1. 6 billion)
Continue to supply air bags, seat belts and other products, leaving liabilities in separate entities.
Takada declined to comment. Michigan-
The Chinese supplier, Ningbo Joyson, has no immediate response to a request for comment.
The Tokyo Stock Exchange said Friday it had suspended Takata\'s stock trading after media reports were preparing to file for bankruptcy.
At the previous close, the company had a market value of $0. 36 billion.
In addition, Takada owes $0. 85 billion to major global automakers, a deal reached earlier this year that stems from the largest ever safety recall in the automotive industry.
People familiar with the matter asked for anonymity because they were not authorized to speak to the media and they said that a key final agreement may not be reached until Takata filed for bankruptcy.
Sources said the company plans to start proceedings in the United States and Japan.
Major car manufacturers around the world have expressed concern that the company has filed for bankruptcy without a deal, as this could lead to production disruptions to replace the airbag inflator.
More than 65% of 46.
2 million the Takata airbag inflator recalled in the United States has not been repaired. A U. S.
The judge said earlier this year that the cost of replacing all the faulty Takata inflators could be $8 billion.
Takada inflators could explode too much to release metal shrapnel in cars and trucks.
On January, Takada agreed to plead guilty to the crime and pay $1 billion to resolve the US debt crisis. S.
The Justice Department is investigating the breakdown of air bag inflators that killed at least 16 people worldwide.
They are also accused of causing more than 180 injuries worldwide.
On January, a federal grand jury accused three former Takada executives of committing crimes in the area of safety defects.
Takada has paid a fine of $25 million and $0. 125 billion to the victims compensation fund, including compensation for future events.
Until the beginning of 2018, Takada had to pay $0. 85 billion owed to automakers, or within five days of receiving financial support. Then-U. S.
Lawyer Barbara McQuaid said on January that if Takata filed for bankruptcy, the Justice Department would become a creditor for the restructuring.
Earlier this year, Takada chose Key as the company\'s most popular buyer.
Since then, Key has been working with Takata to develop a restructuring plan.
The inflator recall began at around 2008, involving about 100 million inflators used in cars produced by 19 automakers around the world, including Honda Motor, Ford Motor, Volkswagen (VOWG_p. DE)and Tesla Inc.
The recall will last at least until the end of 2019.
Last month, four automakers, including Toyota Motor Corp, agreed to settle for $0. 553 billion.
Claims for economic losses involving nearly 16 million owners of recalled vehicles equipped with Takada inflators.
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