Japanese airbag maker Takata Corp. has filed for bankruptcy protection in Japan and the U.S., succumbing to the weight of the world's biggest automotive recall. Takata said it would sell key assets to U.S. supplier Key Safety Systems. Key Safety, based in based in Sterling Heights, Mich., said separately it would buy “substantially all” of Takata’s global assets and operations for $1.59 billion.
The sale will not include some operations related to Takata’s scandal-plagued business in ammonium nitrate airbag inflators subject to the global recall that torpedoed the company.
Read Article