Air-Bag Manufacturer Takata to File for Bankruptcy
Air bag manufacturer Takata is expected to file for bankruptcy in Japan and the United States on Monday, the Associated Press reports, amid lawsuits and near-constant recalls of faulty air bags. Around 100 million air bags have been recalled worldwide over a defective mechanism which can force out shrapnel as it explodes inside a vehicle. Sixteen people have died as a result of the faulty air bags, and 180 have been injured. The AP reports that a Takata rival, Detroit-based Rival Key Safety Systems, will buy most of Takata’s assets for $1.6 billion.