In the US, more than 16 million inflators have been repaired so far, or 38 percent of the total.
January 2012: In a meeting with US auto-safety regulators, Takata "failed to clarify inaccurate information" on the air bags, according to a consent decree the company later signed.
"Filing for bankruptcy is going to protect Takata financially, but it's not going to protect drivers who have been injured or are going to be injured", Morrison said.
Even so, Key Safety, the world's fourth-largest air bag maker bought by Ningbo Joyson a year ago, would gain greater access to Japanese automakers and the combined entity would pull closer in market share to leader Autoliv Inc.
Takata also reached settlements with some carmakers worth $553 million to resolve economic-loss claims tied to the company's faulty products.
The issue was attributed to the nitrate-based propellant used by the airbags' inflating system, which is prone to explode after prolonged exposure to hot and humid conditions.
Chile out to curb Portugal's goal-king Ronaldo
But Vidal certainly isn't concerned about taking on the Real Madrid superstar and anticipates that Chile will meet Germany in the final.
Crushed by more than $1 billion in penalties and costs associated with the scandal, the world's second-largest air bag manufacturer was widely expected to enter bankruptcy in a bid to slash its debts and sell its assets to a rival supplier.
The company has admitted that its employees knew about the potential problems with its air bag inflators as early as 2000. A small part of Takata will continue to manufacture replacements for the faulty air bag inflators.
"We apologize for causing inconvenience", Takada said at a general meeting of Takata shareholders in Tokyo, according to participants.
In the US alone, about 43 million air bag inflators are now subject to recall, and only about 38 percent have been repaired as of May 26, according to data on the NHTSA's website. The recalls affect 19 different automakers, 17 of which are listed as unsecured creditors on its bankruptcy filing, including BMW, Honda and Toyota.
Takata had taken a major step in reaching a settlement with the USA authorities earlier this year: accused of concealing the problem for years, pleaded guilty and pledged a fine of $ 1 billion In order to escape a criminal trial.
The company will now undergo a court-led turnaround process under the sponsorship of US rival Key Safety Systems Inc. The deal includes a $25 million criminal fine, a $125 million victim compensation fund and $850 million to be paid to automakers.
Honda, Takata's first customer, has already warned that it has little hope of "recovering" the large sums spent to replace the gonglable cushions, while ensuring that the impact on its financial results of the " Year would be "limited" given that money has already been set aside. Also, three former Takata execs have been indicted about the safety defects. And in 1990, Takata produced its first air bag.