Takata fails amid global air bag recall, will sell businesses to U.S. rival

Air bag maker Takata Corp. said Monday it has filed for bankruptcy protection and decided to sell its business to a U.S. rival, marking the biggest corporate failure of a Japanese manufacturer and capping off years of struggle to handle an unprecedented safety recall.Takata's liabilities are estimated at over 1 trillion yen ($9 billion), far eclipsing the previous record bankruptcy of a manufacturer, involving a Panasonic Corp. subsidiary that had a debt of 500 billion yen.U.S. auto parts maker Key Safety Systems Inc. said it will buy Takata's business including seat belts and child seats f…READ FULL ARTICLE