Takata bankruptcy could become the biggest financial meltdown in Japan since World Wide II
Japanese manufacturer of airbags Takata filed for bankruptcy in Japan and the US, reports Nikkei. According to the publication, the corresponding decision was taken at a meeting of the board of directors held on Monday morning. A bankruptcy petition was filed with the Tokyo District Court.
Press conference president of the company and grandson of its founder Shigehisa Takada declared;
"We came to the conclusion that the company will not be able to continue its stable work unless it gets protection from creditors in court"
"We apologize for all the troubles that we caused to all who supported us"
It is expected that during the bankruptcy proceedings the corporation will reorganize with the financial support of Key Safety Systems, owned by the Chinese corporation Ningbo Joyson Electronic.
Recall that Takata was in the center of the scandal a few years ago, when it became clear that the company's "pillows" are unsafe. Throughout the world, 17 deaths were reported as a result of the explosion of Japanese airbags.
As a result, the company was forced to announce a service campaign. In total, Takata has replaced more than 100 million airbags. The recall campaign affected almost all world car manufacturers, including Volkswagen, Toyota, Honda and General Motors.
In January, Takata agreed to pay a $ 1 billion surcharge in the US The company's debt currently exceeds 1 trillion yen or more than $ 9 billion.