Jump to content
Create New...
  • 💬 Join the Conversation

    CnG Logo SQ 2023 RedBlue FavIcon300w.png
    Since 2001, Cheers & Gears has been the go-to hub for automotive enthusiasts. Join today to access our vibrant forums, upload your vehicle to the Garage, and connect with fellow gearheads around the world.

     

  • William Maley
    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

    User Feedback

    Recommended Comments

    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

    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

    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

    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

    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

    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

    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

    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

    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

    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.




  • Support Real Automotive Journalism

    Cheers and Gears Logo

    Since 2001, Cheers & Gears has delivered real content and honest opinions — not emotionless AI output or manufacturer-filtered fluff.

    If you value independent voices and authentic reviews, consider subscribing. Plans start at just $2.25/month, and paid members enjoy an ad-light experience.*

    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

    • Very cool, seems Chinese EVs are here being compared by American companies so that hopefully we do not fall too far behind. A Xiaomi EV was spotted in America, and a US maker might be behind it
    • Kia just showed off in Brussels their Global release of the EV3, EV4, and EV5 GT editions. Full details are here. Kia electrifies Brussels Motor Show with three new GT models: EV3, EV4 and EV5 | Releases | Official Media Site NEWSROOM
    • Phoque him and las vegas!!! Phoque the whole damned country that is the usa!!!  Fix your own shyte! Canadians need not be a money mine for any american tourist site or area!!! trump and many maga a&&hol3s want to make Canada an enemy and actually want to occupy Canada. Many other americans are phoquing clueless to  trump's bullshyte!!!   Phoque that!!! There are only a hair above 40 million Canadians. There are a hair below 350 million americans.  trump said and continues to say that he and the usa does not need anything Canadian.  So phoque trump and phoque the usa!!!  Let americans visit and tourist las vegas and any other american area.  desantis who says continually "who needs Canadians?" and he FALSELY claimed last December  that florida had record breaking visitors mocking Canada's boycott to florida!!! Like I said...fix your OWN shyte!!!  Let the mayor of las vegas strike up a deal and pour marketing money INTO florida begging floridians to visit las vegas.  There are a hair below 25 million a&&hol3s in florida. floridians could visit las vegas!!!  And las vegans and nevadans could return the favour and visit Disney...  In fact, all of america could visit there OWN phoquing country and do their own phoquing tourist vacations within their OWN phoquing dumb a$$ country!!! Canada and Canadians NEED to stay the PHOQUE away from shytty usa!!!  Get killed by an ice agent?  Phoque off!!! Get accosted by a border agent???  Phoque off!!! Get robbed by a desperate down and out american loser because he voted for trump and trump phoqued him?  Phoque off!!!  But you know what the REAL sad news is about this whole shyte???!!!   https://www.cbc.ca/news/canada/calgary/southern-alberta-mustangs-collision-9.7071643   Rest in Peace 3 Southern Alberta Mustang junior hockey players died in a car crash yesterday afternoon. 2 were from British Columbia and the other boy from Birmingham Alabama.  ALABAMA... The kid was from Alabama playing hockey. In CANADA!!!  And the reverse happens quite often. Kids from Flin Flon Manitoba, play in the States in hockey with US scholarships...   Kids from Boston come to Montreal  and play for McGill or Concordia and Montreal kids play for Boston College...  Its quite sad that trump has made us enemies...   Its even sadder that some americans have accepted it!!!   
    • I find it funny that the Mayor and other politicians are begging Canadians to return to Vegas, but Mexico has won out, so I do not see them returning and the amount of visitors to Vegas has dropped to levels from 2000 to 2003. Billions lost and deserved based on the stupidity of the U.S. Canadian airlines are abandoning Las Vegas at levels not seen since 2006
  • Who's Online (See full list)

    • There are no registered users currently online
  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

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

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