Jump to content
News
Reviews
Discussons
Activity
Create New...
Close
  • William Maley
    William Maley

    By William Maley •

    Takata Files For Bankruptcy, Sells Off Assets To Another Supplier

      We knew this was going to happen

    Airbag manufacturer Takata is at the center of one the largest automotive recalls which affect an estimated 100 million vehicles from two dozen automakers around the world. The airbags in question have inflators that can rupture and send shrapnel flying in the event of a crash. They have been linked to at least 16 deaths and 180 injuries. Now, the next chapter begins as Takata filed for bankruptcy.

    Yesterday, TK Holdings (Takata's U.S. operations) filed for Chapter 11 bankruptcy in Delaware on Sunday with liabilities totaling between $10 billion to $50 billion. The company would file for bankruptcy in Japan today.

    Takata also announced that it would be selling its key assets to Key Safety Systems, a Michigan-based supplier owned by China's Ningbo Joyson Electronic Corp. The purchase will cost Key $1.6 billion.

    At a press conference today in Tokyo, CEO Shigehisa Takada said the company had no choice to sell their assets due to liabilities increasing and finances collapsing.

    "We spent much time on negotiations, it was extremely difficult to reach an agreement with more than 10 carmakers worldwide and a sponsor candidate company," said Takada.

    "If things are left as is, we are aware of risks that we may not able to raise fund and to continue stable supply of products. In light of the management environment we face, the state of negotiations with the sponsor candidate and carmakers, and the external expert committee's opinion, we have decided today to file for bankruptcy protection."

    Takata attorney Nobuaki Kobayashi said the total amount of liabilities was still unknown and the company is in talks with automakers to figure out the worldwide cost. According to Automotive News, analysts put potential liabilities as high as $10 billion for ongoing recalls, penalties and settlements. A report from Tokyo Shoko Research Ltd., puts Takata total liabilities at 1.7 trillion yen (about $15 billion).

    Back in February, Takata pleaded guilty to wire fraud charges in the U.S. for withholding key information about the defects and manipulating test data. 

    Source: Automotive News (Subscription Required), Reuters

    Go to articles

    User Feedback

    Recommended Comments

    daves87rs
    2 hours ago, A Horse With No Name said:

    China will own everything, one reason Ford is beneath my lowest level of concieveable contempt right now for outsourcing the Focus to China.

    This will not end well for a number of reasons.

    I was mad, but also realized how bad the small car market is going to take in the next year or so. GM is going to wish they could build the Cruze in mexico! I was hateful at first too-but the auto market is about to take a sharp hit soon. They will have to save money any way they can.

    As much as I hate the idea of chinese focuses, it is a way to save....

     

    And as far as the above company-just goes to sound many, many OEM parts will be made in China soon....

    Link to comment
    Share on other sites
    oldshurst442
    5 hours ago, William Maley said:

    Takata attorney Nobuaki Kobayashi

    And with this bankruptcy my guess is you will never hear this mess again...

    What a second....Ive heard this before...

    Oh yeah!

     

    Edited by oldshurst442
    Link to comment
    Share on other sites
    riviera74
    6 hours ago, A Horse With No Name said:

    They are made in China which is quite frankly disgusting...

    So how do we solve that issue without starting a nasty and counterproductive trade war?

    Link to comment
    Share on other sites
    Robert Hall

    Not sure if you can undo the trade imbalance and globalization...companies are too entrenched...most all consumer electronics are assembled in China or elsewhere in Asia, some using chips manufactured in the US.  Parts are sourced from all over.   I do wonder if we have gone so far as a country in outsourcing various parts of the supply chain that we can't go back to building a lot of things here, at least not easily..

    Link to comment
    Share on other sites
    A Horse With No Name
    37 minutes ago, riviera74 said:

    So how do we solve that issue without starting a nasty and counterproductive trade war?

    That is the sixty four million dollar question. 

    32 minutes ago, Cubical-aka-Moltar said:

    Not sure if you can undo the trade imbalance and globalization...companies are too entrenched...most all consumer electronics are assembled in China or elsewhere in Asia, some using chips manufactured in the US.  Parts are sourced from all over.   I do wonder if we have gone so far as a country in outsourcing various parts of the supply chain that we can't go back to building a lot of things here, at least not easily..

    I think more things need to be made here but I am more concerned about Chinese human rights violations than about trade. Maybe we could get some sort of enforceable human rights agreements to go with the trade agreements our leaders seem so eager to sign.

    Link to comment
    Share on other sites
    Robert Hall
    14 minutes ago, A Horse With No Name said:

    That is the sixty four million dollar question. 

    I think more things need to be made here but I am more concerned about Chinese human rights violations than about trade. Maybe we could get some sort of enforceable human rights agreements to go with the trade agreements our leaders seem so eager to sign.

    Unfortunately, human rights are at the bottom of the priority list for global corporations, the current administration and Congress... (my cynical opinion...some say I'm a pessimist, I prefer 'realist').

    Edited by Cubical-aka-Moltar
    • Like 1
    Link to comment
    Share on other sites
    A Horse With No Name
    Just now, Cubical-aka-Moltar said:

    Unfortunately, human rights are at the bottom of the priority list for global corporations, the current administration and Congress...

    Which leads me into an ugly double bind....I feel better about buying Chinese than buying American made products given what you just wrote.

    My Dryer broke and parts to fix it are more than it is worth...thinking of buying Samsung or something for that very reason.

    Link to comment
    Share on other sites
    G. David Felt
    16 hours ago, A Horse With No Name said:

    Which leads me into an ugly double bind....I feel better about buying Chinese than buying American made products given what you just wrote.

    My Dryer broke and parts to fix it are more than it is worth...thinking of buying Samsung or something for that very reason.

    Hold off on buying Samsung appliances. My sister and Brother in law have their own appliance repair business and Samsung appliances are notorious for breaking down and not being able to get repair parts.

    They say the most reliable long life for Washer / Dryer or dishwasher but also other appliances would be Bosche. If you want more than a 1yr warranty 90 days labor which is what comes pretty much on all appliances, then look at Speed Queen. 3yr parts n labor warranty. Commercial grade built for residential and they just work.

    Good Luck,

    • Thanks 1
    Link to comment
    Share on other sites
    G. David Felt
    1 hour ago, A Horse With No Name said:

    Thanks for your advice...have not had the best of luck with Bosch dishwashers...speed queen it might be...!

    Sorry to hear about the Bosch as both my sisters, my parents and me have them and have had no problem with them. What is the current problem and I can talk to my brother in law and see what he says?

    Link to comment
    Share on other sites
    A Horse With No Name
    20 minutes ago, dfelt said:

    Sorry to hear about the Bosch as both my sisters, my parents and me have them and have had no problem with them. What is the current problem and I can talk to my brother in law and see what he says?

    Control board is out of my dishwasher and it is an older dish washer. I think the GE dishwasher that matches our fridge and stove is American made....only issue with the Bosch is that it will not latch and is stuck in regular wash cycle.  using woodworking clamps to keep it shut is a red-green-ish hill billy hack but it cleans dishes flawlessly...

    Checking into Speed Queen...as mad as i get politically at both parties...and at the country...I will buy American when they build an excellent product. I love Sierra Nevada Beer and several other American manufacturers.

    Speed queen...asked around a bit...checked a few things out...they seem like well made appliances. Will have to seriously consider them, as everything else on the market seems like expensive junk.

    Thanks for your help!

    Edited by A Horse With No Name
    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.

    ×

  • google-news-icon.png



  • google-news-icon.png

  • Subscribe to Cheers & Gears

    Cheers and Gears Logo

    Since 2001 we've brought you real content and honest opinions, not AI-generated stuff with no feeling or opinions influenced by the manufacturers.

    Please consider subscribing. Subscriptions can be as little as $1.75 a month, and a paid subscription drops most ads.*
     

    You can view subscription options here.

    *a very limited number of ads contain special coupon deals for our members and will show

  • Similar Content

  • Posts

    • oldshurst442
      Beautiful Cars Appreciation Thread

      By oldshurst442 · Posted

    • oldshurst442
      Airplanes

      By oldshurst442 · Posted

      ^^^  I think the last pic is an AI generated picture.    YUCK!!! I mean, if it is one, its a GREAT image, the technology is both awesome and scary. Very real. But fake...and that is the yuck part of it all.  The fakeness.  I like REALITY.  
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      I became a hater when I realized Toyota is just another same ole same ole corporate greed company like any other and when I realized that they had sheeple followers that they had brainwashed thinking that Toyota can never do any harm.  It wasnt a right away hatred either.  It took time. I first noticed something was off about Toyota with the aforementioned engine sludge thing.  And it took years after that when I started questioning folk that drove Toyotas and then incident after incident happened and yet nobody ever was pissed about Toyota's failures.  It all came to a boiling point with me with the unintended acceleration debacle and had it NOT for Toyota settling out of court of billions of dollars, I myself would have chucked it to stupid drivers, but Toyota plead guilty quietly and paid that tremendous fine.  And it peeved me more to see that AMERICAN media kept that quiet also, but also downplyed the WHOLE thing by them ALSO blaming the American driver coming up with excuse after excuse defending Toyota.  And then I read (call it a consipracy theory if you want to) a report (not on the internet) that Japanese automakers convinced the American buyer to perform their regular maintenance at the dealerships and when their was a problem akin to catastrophic failure with the vehicle, the dealership would repair the problem without the owner knowing about the problem and all that was also subsidized by the Japanese government and the WORST offenders of this were Nissan, Toyota, Mitsubishi and Subaru in the 1980s.  Another reason why I dont like this company is that they stopped producing cars for the enthusiast for a little while.  Boring appliance after boring appliance made especially for dumb people that would be better off using public transportation. And in more recent times, better calling an Uber.   I like some cars of theirs. I have pointed this out plenty of times.  No need for me to justify what cars and trucks I like from them.  But you did mention the Lexus LC500 and yeah!  THAT would be one awesome creation.  Id take mine in coupe form though. But if I was doing this car MY way, Id LS/LT swap it.  Nothing crazy done to the engine, just with enough HP and torque to best Lexus' original efforts.  500HP and 500ft/lbs.  In HP, its not much more than what Lexus done, but its the torque figures that make the difference in my make belief dream LC 500. 
    • surreal1272
      Chevrolet News:Offering up to 492 Miles of Range the 2025 Chevrolet Silverado EV is here.

      By surreal1272 · Posted

      I actually like the look but at near 9,000 lbs., holy smokes! Instant pot hole maker lol..
    • surreal1272
      Random Thoughts Thread

      By surreal1272 · Posted

      The LC500 is just a damn fine looking car, regardless of who makes it. Lexus mucks up a lot of exteriors (and not just with the "predator" grill) but the LC500 is not one of them.   I feel you on that. A year ago, it was my right hip (post surgery) and I was doing the same thing as you for a few weeks lol. Rest and recover.

  • Who's Online (See full list)

    • There are no registered users currently online

  • My Clubs

×
×
  • Create New...

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search