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Takata, which is facing lawsuits and huge recall costs, has been accused of hiding the problem with its airbags for years. Carmakers have recalled almost 70 million of the company's air bags in the United States, in 42 million vehicles, as well as millions overseas.
Takata'sbankruptcy filing will make it more challenging for automakers to recoup the cost of repairing millions of vehicles with defective air bags.
Even so, Key Safety, the world's fourth-largest air bag maker bought by Ningbo Joyson previous year, would gain greater access to Japanese automakers and the combined entity would pull closer in market share to leader Autoliv Inc.
GM added that does not anticipate any supply disruptions as a result of Takata's bankruptcy.
The issue was attributed to the nitrate-based propellant used by the airbags' inflating system, which is prone to explode after prolonged exposure to hot and humid conditions.
The company has filed for bankruptcy protection both in the USA and in Tokyo.
Over 100 million cars fitted with the unsafe airbags have since been recalled, however an unknown number are still on the road.
At least $1 billion from the sale to Key is expected to be used to satisfy Takata's settlement of criminal charges in the USA for concealing problems with the inflators.
As part of the Takata bankruptcy, the company is selling off the majority of its business.
When he wrote email to his colleague, he was referring to an October 16, 1999 event in which a prototype Takata air bag inflator ruptured, the engineer stated.
Takata recently pleaded guilty in a US court to criminal charges for its handling of the scandal, agreeing to pay $1 billion in penalties, including the fund for people injured as a result of the fiery shrapnel hurled from its air bags. The deal includes a $25 million criminal fine, a $125 million victim compensation fund and $850 million to be paid to automakers.
Takata's bankruptcy filing clears the way for most of its assets to be taken over by Key Safety Systems, a Chinese-owned company based in suburban Detroit.
The CEO of Takata, who has long pushed back the scenario of bankruptcy, refused to let go the reins, officially welcomed the choice of KSS, "an ideal takeover". A federal grand jury also indicted three Takata executives for their role in the scandal in January. Toyota, Subaru, Mazda and BMW will reimburse out-of-pocket expenses, provide loaners to some vehicle owners and set up an outreach program to increase participation in recalls, according to court papers filed May 18. And in 1990, Takata produced its first air bag.
It emerged Hodgkinson had a social media page filled with criticism of Republicans and the Trump administration. President Trump delivered a videotaped statement , saying, "we will not be intimidated. the game will go on".
Chasing his ninth title at the grass-court tournament, Federer was serving for the match when he was broken by Khachanov. Federer will now surely start Wimbledon as favourite in search of his eighth title, having been cut to 2/1 by Sky Bet.
Boeing soared into the 2017 Paris Air Show with two commercial airliners so new, they had barely been seen by the public before. The Boeing and Airbus outlooks are broadly similar, though the US manufacturer counts smaller planes not in its rival's outlook.
Much like the mini NES, we've got a miniature console in the same style as the original machine, as well as two SNES controllers. That console was also preloaded with games that could be played in HD, and turned out to be a pretty nifty little box.
R-ratings mean big business these days, with Deadpool and Logan being two prime examples of what happens when you get it right. Meanwhile, the U.S. premiere of " The Last Knight " was held June 20, one day before the film's release .
What beyond denunciations of the Republicans as heartless will the Democrats have to say to voters? The Democrats had this one. Greenberg has always been critical of the tepidness of the party's economic message and puts some of the blame on Obama.
Organizers say the contest has been held in Petaluma for more than 50 years and is in its 29th year at the Sonoma-Marin Fair. In second place was Moe, a Brussels griffon-mix, and in third was Chase, a 14-year-old Chinese crested-harke mix, .
He added that the investigation will be reviewed by the federal monitoring team supervising the city's consent decree. She pleaded not guilty to two counts harassment and obstructing a police officer at her arraignment the next day.
Throughout the entire ordeal, the Lockharts have expressed gratitude for words of support and prayer from fans. A CT scan showed a tear inside his nose from the impact, and doctor's diagnosed it as a lacerated artery.
The latest round of stores will begin liquidation sales by June 30 and will close by mid-September, Sears said in a statement. The closings will bring the number of announced Sears closing to more than 260 this year in a series of three announcements.
Travel ban, church-state case await action by Supreme Court
The policy was based on a provision of the Missouri constitution that prohibits public money from going to religious institutions. Some religious groups cheered the decision, which was closely watched for the effect it may have on school voucher programs.
Zverev To Face Federer At Halle Open
Zverev, who beat Federer in the Halle semifinals last year, fell to 3-1 in finals this year. Zverev, a young rising star in men's singles, had a strong week at the tournament.
Jury deadlocks in Cosby trial; judge says keep deliberating
The sequestered jurors have appeared increasingly exhausted and upset after deliberating late into the night the past three days. That prompted O'Neill to ask the comedian on Friday whether he understood that a hung jury would allow prosecutors to retry him.
Saina crashes out of Australia Open quarters
It was a closely-fought encounter, as the two players, who know all about each other's game, went full tilt into the match. However, he could not hold the higher ranked player as Kidambi extended his lead to 11-9 at the break of the second game.
Top 4 teams qualify for HWC 2018 in India
India did manage to create a few opening even as Malaysia fell back to defend the lead, but the strikers sprayed the shots wide. Though India were tipped as favourites to win, a stubborn Malaysian outfit kept India in the hunt the right from the beginning.
Sardar Singh called for questioning, Hockey India fumes
This win has ensured India a quarter-final berth in the tournament though they still have to play against Netherlands on Tuesday. The lone goal for Pakistan came through Umar Bhutta three minutes from the hooter when the contest was already lost.