Air Bag Manufacturer Declares Bankruptcy
Committee Appointed to Study Takata Bankruptcy Case
July 17, 2017
A committee has been appointed to study the Chapter 11 bankruptcy case of Takata, the beleaguered manufacturer of the defective airbags that were the subject of the largest automotive product recall in American history. Unusually for such committees, some of its members are people who have filed personal injury suits against Takata and the automakers that had installed its airbags.
Takata airbags have been linked to at least 11 deaths. As a result of the numerous suits filed against it about their defective airbags, the company recently filed for bankruptcy in the U.S. and in Japan. Liabilities against the company – most of which are yet to be determined – are greater than its assets.
Claimants have been included on the committee precisely to ensure that their interests are represented in the bankruptcy procedure. As well, in such cases, claimants legal fees’ are typically covered by the bankruptcy settlement.
The committee was established by the U.S. Trustee’s Office, and will oversee claims against Takata that are estimated to be in the range of $10 to $50 billion.
If you’ve been injured by a defective airbag – or any other defective automotive component – contact TheLawFirm.com to learn how we can help you.
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