67208
Takata Files  for Bankruptcy
Takata Files  for Bankruptcy

Takata Files for Bankruptcy

Takata Files for Bankruptcy

Japan's crisis-hit car parts maker Takata filed for bankruptcy protection Monday and said its chief executive would quit after a deadly airbag crisis that triggered the auto industry's biggest ever safety recall, AFP reported. The company is facing lawsuits and huge costs over a defect blamed for at least 16 deaths and scores of injuries. The scandal affected almost every major global automaker, including Toyota and General Motors. US-based auto parts maker Key Safety Systems will buy Takata for an estimated $1.58 billion. Takata's chief executive Shigehisa Takada, whose grandfather started the company in 1933 as a textile maker, said he would resign once the takeover was complete. "I apologize from the bottom of my heart for causing trouble for everyone concerned," Takada told a press briefing. News reports have said Takata's liabilities would exceed one trillion yen ($9 billion) in what is the biggest bankruptcy filing for a Japanese manufacturer. Trading in Takata shares was suspended Monday after a week of wild volatility. The stock will be delisted from the Tokyo bourse late next month.

 

Short URL : https://goo.gl/ctq6SB
  1. https://goo.gl/dcrLUE
  • https://goo.gl/hhu74m
  • https://goo.gl/bpcxn2
  • https://goo.gl/ehr4Uw
  • https://goo.gl/T95he6

You can also read ...

GDP expanded 6.8% year-on-year in the Q1.
With growth resilient and progress made in the pursuit of high...
Venezuela Wants to Improve Economy
Venezuelan Labor Minister Eduardo Pinate says the Bolivarian...
New Whistleblower Rises Against India’s ICICI Bank
India’s private lender ICICI Bank has been identified as a...
Closing Africa’s Wealth Gap
From “Africa Reeling” to “Africa Rising”, there’s a new...
Asian countries form a crucial part of the supply chain for many of the Chinese electronics the US has slapped with tariffs.
The mounting trade tensions between the US and much of the...
The accumulated improvement in the structural balance since 2015 amounted to 0.7% of GDP.
The European Council closed the excessive deficit procedure...
Italy’s New Gov’t Facing Daunting Challenges
Italy’s Five Star Movement and the Lega party managed to form...
Bitcoin Falls to Four-Month Low
Bitcoin dropped to a more than four-month low on Friday,...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus