November 17, 2017 / 12:57 AM / in a year

Takata's bankrupt U.S. unit says planned sale 'finalized'

Airbag manufacturer Takata Corp has nailed down its planned $1.6 billion sale serving as the cornerstone of its restructuring plan, the Japanese company’s bankrupt U.S. unit said in court papers on Wednesday.

Takata has been working on selling its non-airbag assets to Key Safety Systems to raise money to pay off a remaining $850 million owed as part of a plea agreement with the U.S. government stemming from a massive recall of its airbags.

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