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.
