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Takata Chairman and CEO Shigehisa Takada on Monday held his first news conference since November 2015.

Compensation deadline forced Takata into bankruptcy filing: CEO

Chief apologizes for air bag scandal, promises to step down

| Japan

TOKYO -- A looming deadline to pay automakers compensation for its massive air bag scandal pushed Takata to file for bankruptcy protection and solidify a turnaround plan, Chairman and CEO Shigehisa Takada said Monday at a news conference.

Takada started off by apologizing "from the bottom of my heart" for the fiasco before delving into the Japanese auto parts maker's situation.

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