Airbag maker Takata files for bankruptcy

Decimated by recall costs and lawsuits, Japanese airbag maker Takata Corp. filed Monday for bankruptcy protection in Tokyo and the U.S., saying it was the only way it could keep supplying replacements for faulty airbag inflators linked to the deaths of at least 16 people. The bankruptcy filings cleared the way for a $1.6 billion takeover of most of Takata’s assets by rival Key Safety Systems.