TOKYO -- Scandal-hit air bag maker Takata is getting closer to wrapping up the approval process for a restructuring plan that would see its core business sold to a Chinese-owned U.S. peer.
Mounting costs from massive recalls involving faulty air bags forced Takata to file for bankruptcy protection in Japan and the U.S. in June. The Japanese company signed a deal in November to sell everything except certain assets and operations related to air bag inflators to Key Safety Systems, owned by China's Ningbo Joyson Electronic, for $1.58 billion. The proceeds will be used to repay debts and compensate victims of air bag accidents.
