The troubled supplier is close to filing bankruptcy, sources claim. The filing could come as early as next week.
The long saga that has become the deal between Takata Corp. and Key Safety Systems Inc. may be winding to a close as sources report the Japanese company is close to filing bankruptcy, perhaps as early as next week.
Reuters reports that Takata has been hammering out a deal with Key for financial backing, and trying to deal with the billions of dollars in liabilities it owes due to its defective air bag inflators.
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Another sticking point is the $850 million owed by the Japanese airbag system maker to major global automakers, which is part of a settlement reached earlier this year. The company has until 2018 to pay the $850 million. Neither Takata nor Key commented on the story, Reuters reported. (more…)
