You must have an Automotive Newssubscription to view the digital edition
Click here to subscribe
NBA's Curry to pitch Infiniti Q50; Takata name to fade away; Florida enacts dealer protection law; Ford shared bikes start rolling in S.F.; Why body-on-frame keeps on truckin.'
Lawyers for people injured by exploding Takata airbags told a U.S. bankruptcy court judge that the company's restructuring plan is being skewed to benefit automakers over victims.
Takata shares tumbled as much as 69 percent to a record low as the Tokyo Stock Exchange removed daily limits on the stock's price declines following the company's bankruptcy protection filings.
Takata expressed condolences to victims of its faulty airbags linked to at least 16 deaths and 180 injuries around the world, but stopped short of offering a full apology.
Key Safety Systems Inc., the U.S. airbag maker that agreed to buy Takata, plans to unify the products under its own brand and expand ties with other inflator suppliers including Japan’s Daicel.
Honda argues in a class-action case that it shouldn't be held responsible for Takata's defective airbags.
Toyota, Nissan, Honda and Mitsubishi said Takata's filing for bankruptcy protection will make it difficult for them to recoup billions of dollars they have spent to recall defective airbag inflators.
Key Safety Systems, which plans to acquire Takata's assets for $1.6 billion, is emphasizing how it wants to maintain continuity.
Takata filed for bankruptcy protection, saying it would sell most of it assets to Key Safety for $1.59 billion. The supplier is at the center of the industry's biggest ever recall for faulty airbags.
Wang Jianfeng, founder and chairman of Ningbo Joyson, is poised to pull off his biggest deal yet: a $1.59 billion takeover of Takata by Ningbo's Key Safety Systems.
Here is a recap of Takata's airbag recall crisis that culminated with the supplier's bankruptcy filings in the U.S. and Japan on Sunday:
Takata bankruptcy may leave Japan automakers holding the bag; FCA tweaking 300, Charger, Cherokee trims; Tough sell for Subaru: Safe yet sporty; Report: Managers skewer Audi board.
Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that's vital to your business.
Sign up today to get the best of Automotive News delivered straight to your email inbox, free of charge. Choose your news – we'll deliver.
Entire contents © Crain Communications, Inc.
Use of editorial content without permission is strictly prohibited. All Rights Reserved.