Takata, the Japanese air bag maker whose defective air bag inflators were responsible for at least 16 deaths and 180 injuries, has filed for bankruptcy protection in the United States and Japan.
The company said most of its assets will be purchased by a Michigan-based rival, Key Safety Systems. Numerous lawsuits were filed over Takata's faulty inflators, which would explode with too much force and send shrapnel flying, spurring the largest automotive recall in U.S. history.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Getty Images and Shutterstock merge into a picture powerhouse to combat AIThe Explainer The $3.7 billion deal is one of the largest in the industry's history
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
What went wrong at Nissan?In the Spotlight And will a merger with Honda make the difference?
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Nordstrom family, investor to take retail chain privateSpeed Read The business will be acquired by members of the family and El Puerto de Liverpool, a Mexican real estate company
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
-
Rupert Murdoch loses 'Succession' court battleSpeed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
-
Bitcoin surges above $100k in post-election rallySpeed Read Investors are betting that the incoming Trump administration will embrace crypto
