Japanese Takata Corp. filed for Chapter 11 bankruptcy in the US, with liabilities of $10 to $50 billion, according to a court filing.
Japanese media reported that Tatat also filed or bankruptcy protection in Japan with liabilities of more than 1 trillion yen ($9 billion). Public broadcaster NHK said that the decision came at a special board meeting.
President Shigehisa Takada will hold a press briefing on Monday, some reports said. The company’s stock was suspended from trading on the Tokyo stock exchange after slumping as investors anticipated an imminent bankruptcy filing by the manufacturer of faulty air-bag inflators linked to at least 17 deaths worldwide.
