Japanese safety systems manufacturer Takata has filed for Chapter 11 bankruptcy protection in the United States and for bankruptcy in Japan, in the latest development in the world’s largest automotive safety recall, according to Automotive …
in the United States and for bankruptcy in Japan, in the latest development in the world’s largest automotive safety recall, according toTo recap, batches of Takata’s airbag inflators were found to be defective and deployed with too much force, sending metal shrapnel into the cabin. It has been linked to 16 deaths and 180 injuries worldwide, including
“We spent much time on negotiations, it was extremely difficult to reach an agreement with more than 10 carmakers worldwide and a sponsor candidate company. If things are left as is, we are aware of risks that we may not able to raise fund and to continue stable supply of products,” he said. Takata will also receive US$227 million from its main lender, Sumitumo Mitsui Banking Corporation in the form of debtor-in-possession financing, the report said. Meanwhile, the auto parts supplier agreed to establish two independently administered restitution funds in as part of its US settlement.
The report also added that some 17 automakers including Honda, Toyota and BMW were listed as unsecured creditors with claims relating to recalls and indemnification. Additional, yet-to-be estimated litigation claims include class-action plaintiffs from the US, Canada and the attorney-general of the US Virgin Islands, while the NHTSA has a US$180 million claim in fines and penalties.
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