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Article snippet: TOKYO — Takata, the Japanese auto parts maker crippled by vast airbag recalls, filed for bankruptcy protection in the United States on Sunday evening and said it would sell its surviving operations to a Chinese-owned American rival, Key Safety Systems. The deal seals the fate of the company at the center of the farthest-reaching auto safety crisis in history. Exploding Takata airbags have been linked to at least 14 deaths. Carmakers have recalled nearly 70 million of the company’s airbags in the United States, in 42 million vehicles, as well as millions overseas. Takata said it would sell its factories and other assets to Key Safety Systems, which makes airbags and other auto safety equipment. Key Safety Systems said it would buy Takata’s factories and other assets for about $1.6 billion. Key Safety Systems is based in Michigan but is owned by a company in China, Ningbo Joyson Electronic Corporation. The deal effectively means the end of Takata, which was established in 1933 and is still controlled by its founding family. Shigehisa Takada, the company’s chief executive, said a court-supervised restructuring was the best way to ensure that Takata could keep supplying automakers. “We needed to consider the impact on the global car industry, not just in Japan but also in the United States and Europe,” Mr. Takada said. A new corporate entity established by Key Safety Systems will take over Takata’s production operations, which encompass seatbelts and other equipment ... Link to the full article to read more