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Japan-Update

Takata close to filing for bankruptcy protection in Japan

Troubled air bag maker's liabilities seen at $9bn

| Japan

TOKYO -- Embattled air bag maker Takata is expected to file for bankruptcy protection here as early as this month, likely marking the biggest corporate failure in Japanese manufacturing in the postwar era.

Takata's liabilities are seen exceeding 1 trillion yen ($9.02 billion) following a massive global recall of air bags linked to deadly explosions. U.S.-based subsidiary TK Holdings' board is expected to approve a filing for Chapter 11 bankruptcy there later this month.

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