TOKYO -- Following protracted recalls involving its defective air bags, Japanese auto supplier Takata on Monday filed for bankruptcy protection in Japan and the U.S., leaving behind a massive debt and an unresolved crisis.
"We concluded that we would not be able to continue a stable supply of our products" unless we seek court protection from creditors," Chairman and President Shigehisa Takada said in a press conference, citing mounting concern about his company's financial viability and ongoing employee exodus.
