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Business

Takata to file for bankruptcy protection as early as June 26

Japanese air bag maker's total liabilities are expected to exceed $9bn

| Japan

TOKYO - Air bag maker Takata will file for bankruptcy protection under Japan's Civil Rehabilitation Act as early as June 26, according to sources. The company's total liabilities are expected to exceed 1 trillion yen ($9 billion) following a massive global recall of air bags linked to deadly explosions.

In addition, Takata's U.S.-based subsidiary TK Holdings, based in the state of Michigan, will file for Chapter 11 bankruptcy.

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