Takata, brought down by airbag crisis, files for bankruptcy
Takata, brought down by airbag crisis, files for bankruptcy
Air Miles is making changes to its program
27 June, 2017, 01:02
"Because there is so much work to be done, there is a real concern that there won't be enough money to complete all these recalls and therefore the auto manufacturers themselves will have to pick up most of the costs".
The Tokyo-based company and its units filed for creditor protection in the United States and Japan.
US autoparts maker Key Safety Systems plans to expand in Japan after its takeover of bankrupt air-bag manufacturer Takata, said company chief executive Jason Luo on Monday.
Michigan-based-but-Chinese-backed Key Safety Systems announced separately that it would work with Takata to develop a restructuring plan allowing the USA company to purchase the Japanese company's assets and operations around the world for $1.59 billion.
October - NHTSA expands US recall to 7.8 million vehicles.
"At a board meeting on June 26, our company made a decision to begin procedures in filing for bankruptcy protection", Takata said in a statement after making the filing with the Tokyo District Court.
"We're in a very hard situation, and we had to find ways to keep supplying our products", Takada said, according to the Associated Press.
The company said that "We're in a very hard situation, and we had to find ways to keep supplying our products", and "As a maker of safety parts for the automobile industry, our failure to maintain a stable supply would have a major impact on the industry". Like other Japanese automakers, Honda said it anticipated difficulties in recovering the bulk of its claims.
Key Safety Systems is a subsidiary of China's Ningbo Joyson Electronic.
Trading in Takata shares was suspended at the opening of the stock market Monday after a week of massive volatility and the Tokyo Stock Exchange said it would delist Takata on July 27. It is responsible for billions of dollars to banks and automakers for the costs of replacing the parts. As part of the bankruptcy protection plans, KSS would acquire all of Takata's assets barring certain assets and operations related to the airbag inflators involved in the global recall in the planned deal, the two companies said. "You can't have the largest recall in the history of the automobile that takes years to take care of, and not have stigma attached to your name".
"The fact that they appear to have reached an agreement to sell the assets to KSS should enable this to continue", she said.
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Japan Credit Rating Agency cut Takata's credit rating to default on Monday.
The company has been struggling since its defective airbags led to recalls of tens of millions of vehicles.
It also faces potential liabilities from class action lawsuits in the United States, Canada and other countries.
KSS will buy almost all of Takata's assets, except for some assets and operations linked to Takata's problematic "phase-stabilised ammonium nitrate" airbag inflators, the firm said.
The specific number of faulty inflators is unknown, but since 2008, some 100 million inflators worldwide have been recalled.
Because of the size of the recall, some vehicle owners face lengthy waits for replacement parts, and are still operating their cars anxious that the air bag could malfunction in a crash.
The suspect inflators use a ammonium nitrate chemistry that can break down and become unstable over long periods in hot, humid conditions. Of that amount, $850 million goes to automakers to help cover their costs from the recalls. The money will be paid in various accounts with $850 million going to auto manufacturers to fix the risky airbags, $125 million to the victims, and $25 million to the government. One 26-year-old plaintiff will never be able to smile due to nerve damage, his attorney says. Settlement agreements with Toyota, Subaru, BMW and Mazda already have won preliminary court approval, Peter Prieto noted. But the safety devices relied on a faulty inflator that when activated can explode and send shrapnel into the vehicle.
Seko said he hopes that Key Safety Systems Inc. will fix Takata's battered finances and that he "expects a quick turnaround".
Toyota said its claims against Takata "are at the risk of becoming uncollectable or being delayed".
Takata's airbags are linked to a minimum of 17 deaths around the world. Takata says it is seeking US$1.6 billion in aid from KSS, which will allow Takata to continue to operate without interruptions.
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