Japanese airbag supplier Takata Corporation has been in dire straits ever since their airbags were discovered to be faulty. The airbags will inflate with such explosive force that shrapnel is launched through the interior of the car. Several people have been killed as a result of the faulty airbags and several auto manufacturers have been forced to recall vehicles to replace the airbags. The company declared bankruptcy amid class action lawsuits, yet they may still stay in business. Auto News reports on Key Safety Systems’ attempt to acquire Takata.
In a court filing late Friday, Key Safety Systems and Takata said that the two companies had come to an agreement to close the deal on the sale. In addition to the filing of the agreement, Takata also filed a final reorganization plan with the court.
Takata’s customers have signed off on the acquisition deal. All that remains is Bankruptcy Court approval.
A tentative deal was reached back in June. The merging of the two companies will make Key Safety Systems, who are headquartered in Detroit, Michigan, one of the largest players in the auto safety business. The deal is worth an estimated $1.588 billion, according to court filings.
According to the filing, Bankruptcy court approval is expected by December and the deal is expected to be finalized by February.
Have you or a loved one been injured as the result of a faulty Takata airbag? You may have a case. Let the experienced attorneys at the law offices of John Foy & Associates fight for you. Call us today.