According to data released by Takada's official website on Wednesday, Takada's net loss for the full fiscal year of 2017 reached 699 million US dollars, which has continued to decline for three consecutive years. Takata’s case of airbag recall was almost bankrupt.
Even facing the biggest recall in the auto industry, Takada expects net profit for the next fiscal year to reach 5 billion yen.
Takata is seeking financial support to pay for the recall. Baxter Security Systems (KSS) and private equity firm Bain Capital plan to reach a 200 billion yen rescue plan with Takada, and the cooperation agreement will be implemented in the coming weeks.
Takada admitted last month that KSS has been more active in this bid. Takada is also actively producing enough airbag air pumps, and according to previous reports, about 100 million related parts have been detected as unqualified. The Takada airbag accident has caused 16 deaths worldwide, mainly in the United States, while many car companies have indicated that Takata's airbags will no longer be used in new models.
In addition, Takada is facing some recall bills, starting around 2008, and industry experts estimate the amount of the bill is about 10 billion US dollars.
So far, most of the recall costs have been paid by car companies, including Honda, Volkswagen Group and Toyota.
In February of this year, Takada pleaded guilty to a felony charge in a US court, and agreed to pay $1 billion in compensation to victims of car companies and airbag accidents.
According to relevant sources, the reconstruction company is currently the top priority for Takada. Takada’s founder family insists on self-redemption, whereby Takada can produce replacement parts and retain part of the stock value. At the same time, the car companies insisted on taking legal procedures to maintain the transparency of the procedures.
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