(NEWS): Faulty Airbag Maker Takata Files for Bankruptcy, Sells to Rival

Takata Corp., the Japanese auto supplycompany whose airbags were blamed for killing at least 14 people around the world, filed for bankruptcy protection Sunday, saying it's selling almost all of its operations to a Michigan-based company.In a joint statement released Sunday evening in New York and Monday morning in Tokyo, Takata said most of its assets would be taken over by Key Safety Systems, a Japanese-owned rival based in Detroit, for about $1.6 billion.The statement confirmed long-circulating rumors thatTakata was planning to seek bankruptcy protection. The petition was filed Sunday in Delaware.
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