Japanese auto supplier Takata Corp has filed for U. S. bankruptcy protection in an effort to hold off lawsuits against the company over faulty air bag inflators – more than a month after its U. S. unit filed for bankruptcy in the same court…
Japanese auto supplier Takata Corp has filed for U. S. bankruptcy protection in an effort to hold off lawsuits against the company over faulty air bag inflators – more than a month after its U. S. unit filed for bankruptcy in the same court.
In its filing with the U. S. Bankruptcy Court in Delaware on Wednesday, Takata said the Chapter 15 petition was critical to ensure the “continuation of Takata’s business, preserving tens of thousands of jobs and ensuring that Takata’s business partners continue to have access to critical components that ensure the safety of drivers worldwide.”
The petition came as Takata’s U. S. business separately asked a federal bankruptcy judge to suspend lawsuits against automakers that have been brought by air bag victims.
Major automakers including BMW AG, Ford Motor Co, Honda Motor Co Ltd and Toyota Motor Corp sided with Takata in backing a six-month delay in lawsuits.
Takata and automakers face hundreds of lawsuits including actions brought by Hawaii, the U. S. Virgin Islands, and New Mexico.
TK Holdings Inc, the company’s primary U. S. unit, filed for Chapter 11 protection in June along with 11 other U.
