Nov. 7, 2016—Air-bag manufacturer Takata denied reports over the weekend that it is seeking bankruptcy protection for its U.S. subsidiary TK Holdings, Inc. The U.S. subsidiary is currently in debt, largely due to the recall of 69 million air bags and related litigation, according to a company statement.
The parent company also denied reports it was considering voluntary liquidation in Japan, reported law360.com.
“These reports are not based on any announcement by Takata,” the company noted.
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