(Bloomberg) — Takata Corp. filed for bankruptcy in the U.S., more than eight years after initial recalls involving its defective air bags spiraled into the biggest safety crisis in automotive history.
The Tokyo-based supplier filed for Chapter 11 bankruptcy in Delaware, listing more than $10 billion in liabilities, according to court filings. Takata entered the bankruptcy filing with a plan to sell the company. Key Safety Systems Inc., a U.S. air-bag maker, is set to take over Takata for about 180 billion yen ($1.6 billion), people familiar with the matter have said.
Continue reading: Takata Seeks U.S. Bankruptcy Protection After Air-Bag Recalls