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 ...

Lower-income families, already pinching pennies, are most exposed, given the likelihood of tariff-related price increases on everyday items.
China canceled trade talks with the US and will no longer send...
Apple Begins Selling IPhone XS, XS Max Worldwide
Apple’s newest iPhone XS went on sale worldwide Friday as...
Dairy Exports Hinder US-Canada Deal
One of the last remaining points of contention in the trade...
Turkey, Venezuela Plan to Use Local Currencies
Turkey and Venezuela are eager to use local currencies in...
EU foreign affairs chief Federica Mogherinia (L) and Transport Commissioner Violeta Bulc present the proposal  for an EU strategy for connecting Europe and Asia.
While European Union leaders were in the middle of another...
Japan to Resist New Auto Tariffs
The Japan-US ministerial-level trade talks scheduled on Monday...
Pakistan Seeks  to Increase  Exports to China
In a positive development, an important mission from China is...
Taiwan Consumers More Upbeat on Economy
Confidence in Taiwan’s economy edged higher in September after...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus