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Multi-National Sources Say Takata Corp. is to File for Bankruptcy Protection by Autobody News Staff
International media sources are reporting that Japanese airbag maker Takata Corp. is preparing to file for bankruptcy as early as the week of June 18 as it works toward a deal for financial backing from U.S. auto parts maker Key Safety Systems Inc., people familiar with the matter told Automotive News. Michigan-based Key Safety Systems Inc. is owned by Chinese supplier Ningbo Joyson. Takata’s steering committee recommended Key as the preferred bidder for the entire manufacturer.
Takata is expected to file for bankruptcy in the near future before selling its production operations to a newly formed company to pay off its debts to creditors, according to Nikkei. Fellow Japanese companies Honda and Toyota are among some of the major entities Takata is in debt to. Takata, one of the world’s biggest automotive suppliers, has been working for months to complete a deal with Key Safety. The company faces billions in liabilities brought on by manufacturing defective airbag inflators. A person briefed on the matter told Reuters that See Takata Bankruptcy, Page 12
NACE Automechanika July 26–29, 2017 in Chicago
ers and parts distributors. A combined Automechanika Chicago and NACE show will take place July 26-29, 2017 in Chicago. Show hours: Wednesday, July 26
See NACE Automechanika, Page 16
P.O. BOX 1516, CARLSBAD, CA 92018
Automechanika Chicago, the largest U.S. trade show dedicated to high-end technical and management-related training for automotive collision and service repair shops, along with NACE (the International Autobody Congress & Exposition), the premiere event for the U.S. collision repair industry, will combine forces starting this July in Chicago. The co-production between Automechanika Chicago and NACE is intended to create a unified stage using NACE’s strong relationships within the collision and OE community combined with Automechanika Chicago’s global strength throughout the automotive aftermarket. Working in col-
laboration, the two entities will create an unprecedented partnership focused on training and product discovery for the automotive technicians, shop own-
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by Autobody News Staff
VOL. 8 ISSUE 5 JULY 2017
MS Attorney General Tells Autobody News About New Consumer Guide for Insurance and Auto Body Repair
guidance to consumers,” Hood told Autobody News during a recent interview. “They don’t have a lot of guidIn an unprecedented move, the Mississippi Attorney General’s office recently ance out there so hopefully it helps. At released the “Consumer Guide to Inleast they know their rights when they surance and Auto Body Repair.” Some get their vehicles repaired. That’s an believe it may be the first upsetting situation for people to be in.” document of its kind (from an The attorney general’s ofAG direct to consumers) and fice formed the Mississippi could be a model for other Auto Repair Task Force states across the country to nearly a year ago, bringing follow. together auto body repair Initiated by Attorney shops, the Mississippi InsurGeneral Jim Hood, the docuMississippi ment was written to give conance Department, insurance Attorney General companies, vehicle manufacsumers guidance on what to Jim Hood turers, and aftermarket parts expect in the event of an auto makers from across the country. The collision. This includes the role of body goal was to discuss concerns and find shops and insurance companies, how common ground on best practices for to choose a collision repair shop, the the future to better meet the needs of types of repair costs and warranties. consumers. “We tried to put in writing what See New Consumer Guide, Page 18 Mississippi law says and to give some by Stacey Phillips
Aftermarket Parts Industry Takes Aim at Restrictions on Sale and Use of Non-OEM parts
crash parts from 14 years to just 30 months. Earlier versions of legislation Federal and state legislation related to have had several House committee non-OEM parts was a key topic at the hearings since it was first introduced recent Automotive Body Parts Associin 2007, but never one in the Senate. ation (ABPA) convention. About 150 “Our mission now is to get this people, primarily representing manubill moving,” Nordwind said. “I can facturers or distributors of tell you eight or nine years non-OEM parts, attended the ago when we started lobbyevent, held in Atlanta. ing for this bill, no one knew what we were talking about. Lobbyist Will NordEverybody now knows what wind of the Quality Parts we’re talking about. We’ve Coalition told convention ateducated the Congress. And tendees that he hopes to see a first-ever Senate Judiciary now we need to get to the Lobbyist Will Committee hearing during next level, which is to move Nordwind of the Quality Parts the bill.” this Congress on the “ProCoalition He said he held about 20 moting Automotive Repair, Trade and Sales (PARTS) Act,” pro- meetings in late April with members posed federal legislation that would of Congress or their staff. “At each of those meetings, we slash the time that automakers can use were starting to hear that the car comdesign patents to prevent other companies from producing replacement See Restrictions, Page 26 by John Yoswick
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