Japan’s Takata Corp (7312. T) decided on Monday to file for bankruptcy protection in Japan with liabilities of more than 1 trillion yen ($9 billion) , Japanese media reported, as the auto parts supplier has struggled due to its defective air…
The decision came at a special board meeting, public broadcaster NHK said. Nikkei also reported the decision, without citing any sources for the information.
Takata is expected to file for a U. S. Chapter 11-style bankruptcy protection procedure, along with a similar filing in the United States, sources have told Reuters. This would open the door for a financial rescue from U. S. auto parts supplier Key Safety Systems, which Takata has tapped as its preferred financial sponsor.
