Via AP:
Japanese air bag maker Takata Corp. has filed for bankruptcy protection in Tokyo and the U.S., overwhelmed by lawsuits and recall costs related to its production of faulty air bag inflators.
The company announced the expected action Monday morning Tokyo time. Takata confirmed that most of its assets will be bought by rival Key Safety Systems, based in suburban Detroit.
Takata was done in by defective inflators that can explode with too much force when they fill up an air bag, spewing out shrapnel. They're responsible for at least 16 deaths and 180 injuries and touched off the largest automotive recall in U.S. history.