Takata Declares Bankruptcy Due To Defective Airbag Issues
Takata Corp. recently filed Chapter 11 bankruptcy due to the massive recalls associated with their defective airbags, which have been linked to 16 fatalities and 180 injuries as a result of their failure to deploy properly in the event of an auto accident. The bankruptcy filing listed more than $10 billion in liabilities associated with these defective airbags.
There were 17 auto manufacturers named as unsecured creditors on the bankruptcy filing, and these manufacturers will most likely be left shouldering the bulk of the costs related to the airbag recalls. While bankruptcy doesn’t relieve Takata of its responsibility to cover all recall-related costs, the fact remains that if they exhaust all of their financial assets prior to completing the recall work, the auto manufacturers will be responsible for covering the difference.
Takata also announced that they’ve agreed to be purchased by Key Safety Systems, Inc. for $1.6 billion. The acquisition of the business should be completed in early 2018.
One thing that doesn’t change after Takata’s bankruptcy filing is your right to recover compensation for damages if you’ve been injured by a defective Takata airbag during an auto accident. These cases have become increasingly complex due to the recent bankruptcy filing, and it’s crucial that you work with an experienced defective product attorney who can help protect your rights.
The Duncan Firm has been fighting for the rights of injured victims in the Little Rock area for more than 30 years. Our attorneys can help you hold all liable parties accountable for your damages and ensure that your lawsuit proceeds properly in the aftermath of Takata’s bankruptcy filing.
Please contact the Duncan Firm using the form on this page or call 877-638-6226 today to schedule a free consultation. We serve clients in the Little Rock, Arkansas area.