Airbag Manufacturer Takata Has Declared Bankruptcy

After a worldwide recall of its defective airbags, Takata has filed for bankruptcy amidst financial catastrophe
Airbag Manufacturer Takata Has Declared Bankruptcy

This has not been a good year for auto parts manufacturer Takata. The Japanese company has been at the centre of a worldwide recall affecting almost 16 million vehicles, issued due to certain airbags suffering from unusually high rates of failure. In many cases, these airbags were prone to exploding upon activation, resulting in a multitude of injuries, lawsuits, and at least 17 deaths.

Airbag Manufacturer Takata Has Declared Bankruptcy

Not surprisingly, the recalls and lawsuits have taken one hell of a toll on Takata’s finances. On Monday, Takata Corp. filed for bankruptcy protection in the face of class-action settlements from victims of its defective airbags. However, the bankruptcy is not expected to affect the settlement process.

Airbag Manufacturer Takata Has Declared Bankruptcy

The recent bankruptcy filing is the latest blow to Takata, which has been producing a wide variety of components since 1933. However, it’s believed the financial restructuring will help expedite the process of replacing faulty airbags. Even so, it’s thought that it will be years before all affected vehicles will be repaired.

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Comments

German Perfectionist

RIP my favorite car of Gran Turismo 4

06/28/2017 - 11:15 |
46 | 0

The jdm legacy is coming to an end. No more green seat belt now :(

06/28/2017 - 19:31 |
2 | 0

Takata’s racing gear branch is fine, just the airbag division is under fire

06/28/2017 - 23:56 |
0 | 0
Anonymous

That really blew in their face, didn’t it?

06/28/2017 - 12:40 |
2 | 0
manuliciousxd

Siriosly

06/28/2017 - 12:54 |
8 | 1

[DELETED]

06/29/2017 - 00:44 |
0 | 2
DAT HYUNDAI GUY(Miata, S2K and 720s Squads)(Captain Slow)(Un

They got bagged

06/28/2017 - 15:07 |
1 | 0
Rated RS

Don’t worry, we’ll still get plenty of takata straps at EVERY CAR MEET EVER

06/28/2017 - 15:18 |
15 | 0

bought one once…. left strap desintegrated because school stuff weigh too much…. never again…

06/29/2017 - 06:07 |
0 | 0
Andrew G.

No, where will ricer/tuner bros we get their overpriced Takata strap backpacks!!!!

06/28/2017 - 15:35 |
1 | 0
Honda NSX

NOOOOO

06/28/2017 - 18:30 |
1 | 0
TheStigsAmericanCousin

now where are we gonna buy dangerous 2” 4 point safety belts and those racing back packs?!!!?

06/28/2017 - 18:49 |
3 | 0
MikeTheMiata (MiataSquad) (MarinerSquad)

Takata be like

06/28/2017 - 20:36 |
0 | 0
06/28/2017 - 20:36 |
1 | 0
InjunS2K

IMPORTANT: Only the airbag division of Takata is under fire, the Takata we all know and love that makes harnesses and racing gear is still good :)

06/28/2017 - 23:55 |
1 | 0