Long crippled by lawsuits and recall costs over its faulty air bags, Takata, the Japanese auto parts maker, filed for bankruptcy protection in Japan and the U.S. on Sunday.
Takata is on the hook for billions of dollars to banks and automakers, which have been covering the replacement costs of tens of millions of the recalled air bag inflators.
The company plans to sell what's rest of its operations to the rival U.S. auto parts supplier, Key Safety Systems, for $1.588 billion.
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