Detroit Bureau on Twitter

Posts Tagged ‘Takata biggest recall ever’

Takata Expected to File Bankruptcy in Japan

Action expected to come on Monday, according to reports.

by on Jun.23, 2017

The troubled supplier is close to filing bankruptcy, sources claim. The filing is expected to occur on Monday in Japan.

Long-troubled auto supplier Takata Corp. will file bankruptcy on Monday, as it seeks to reorganize billions of dollars in liabilities tied mostly to its defective airbag inflators.

The Japanese company, according to Reuters, will file for protection in Tokyo District Court under the Civil Rehabilitation Act, which is that country’s version of U.S. Chapter 11 bankruptcy. Reuters tied its report to sources, one of whom has direct knowledge of the matter and one who was briefed on the process.

Global Auto News!

Takata will seek bridge loans from the banking unit of Sumitomo Mitsui Financial Group Inc., “which will provide tens of billions of yen (hundreds of millions of dollars) in bridge loans,” Reuters reported. (more…)