Takata Corp. Bankruptcy
Updated August 14, 2018, 7:53 p.m.
The Japanese air bag manufacturer- Takata Corp. has reached a settlement to satisfy their penalties and civil lawsuits
Takata was forced to file for bankruptcy because their airbags expelled with so much force that the chemical inside the airbags- ammonium nitrate, served as a propellant, killing twenty-two people died worldwide and more than one hundred eighty have been injured.
The settlement includes Takata paying $125 million to victims and another $850 million to automakers. The settlement includes selling their assets to another Chinese company for $1.6 billion.
Takata was the largest recall in automotive history. More than sixty-nine million cars in the United States was affected and another sixty million worldwide according to documents filed by the U.S. National Highway Traffic Safety Administration.
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