Struggling Japanese airbag maker Takata has filed for bankruptcy protection at a Tokyo court, following massive recalls of its products around the world. The firm's U.S. unit also filed there under Chapter 11.
The chairman and CEO has announced he will step down to take responsibility. Takata has agreed to transfer its operations to U.S. auto parts maker Key Safety Systems for about 1.6 billion dollars. Takata's main creditor, Sumitomo Mitsui Banking Corporation, has set up a new line of credit to help with operating costs.
Takata posted a net loss of more than 700 million dollars in the last fiscal year. The company's liabilities exceed one trillion yen, or about nine billion dollars, making it the largest corporate failure ever by a Japanese manufacturer.
◆bankruptcy protection 破産保護、民事再生法の適用
◆step down 辞任する、辞職する
◆creditor 債権者、融資者
◆line of credit 信用供与限度額、融資枠、融資限度
◆post （利益・売り上げを）計上する
◆liability （通例は複数形で）負債、債務
◆corporate failure 企業倒産、企業の破たん
