Japan's trade minister - Takata bankruptcy filing was unavoidable
30 June, 2017, 00:14 | Author: Felix Jensen
The Tokyo-based safety automotive parts maker is now facing a magnanimous amount of lawsuits and recalls; some of their airbags were linked to over 16 deaths all around the globe.
In the US, more than 16 million inflators have been repaired so far, or 38 percent of the total. The company also could spend $550 million on another 4.3 million vehicles that may need repairs, but it was working with the National Highway Traffic Safety administration to prove those vehicles have air bags that work properly.
Takata also filed a similar debt-restructuring process in Japan simultaneously early Monday morning. It will sell "substantially all" of its assets to Key Safety Systems, a supplier based out of MI.
That figure is not expected to increase because of Takata'sbankruptcy, Kachi said.
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Seko, speaking to reporters, said he asked ministry officials to devise a scheme to provide 100 percent loan guarantees to small businesses that may be affected by Takata's bankruptcy. It is being speculated that the company will in total have a liability estimate of around US$ 15 billion.
Takata is expected to file on Monday for bankruptcy protection and announce a takeover by Key Safety Systems for about 180 billion yen, people familiar with the matter have said.
In the US alone, about 43 million air bag inflators are now subject to recall, and only about 38 percent have been repaired as of May 26, according to data on the NHTSA's website.
On top of this, the company agreed to pay US$125 million to a victims' compensation fund.
The controlling Takada family initially appeared to be holding out hope that it could find a white knight investor to save the company - perhaps by buying a minority stake - leaving Takata intact and out of bankruptcy. Takata's assets bring with them a deep customer base.
Honda also reiterated its position that it did not hide knowledge of Takata defects, but instead was itself a victim of deception by Takata officials. Auto manufacturers including Toyota, Subaru Corp, Mazda Motor Corp and BMW AG reached settlements worth US$553 million to resolve economic-loss claims tied to the air-bag recalls.
Peter Prieto, a lawyer for consumer plaintiffs in the Takata air bag litigation, said in a statement that Honda had refused to present the engineer for a deposition.
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