Takata has signed a definitive agreement to sell nearly all of its operations to rival Key Safety Systems for $1.59 billion as part of its bankruptcy reorganization, CFO Magazine reported. The proceeds from the sale will be used to cover legal costs resulting from the exploding airbag scandal that drove Takata into chapter 11 in June. The deal does not include the problematic ammonium nitrate airbag inflator business, which will be run by the reorganized Takata and eventually will be wound down. Chinese-owned Key Safety beat out nearly a half dozen competitors to win a stalking-horse bid to acquire Takata out of bankruptcy.
