Takata looks for deal

Takata Corporation has asked car manufacturers to allow it to pay for costs related to its recalled airbags by installments and is meeting with its bankers almost every day to ensure it has enough cash flow. Marques are close to agreeing to the proposal, which will allow the company to avoid paying large sums of money at one time, Takata’s CFO Yoichiro Nomura told analysts in Tokyo, reports Bloomberg. As of the fiscal year ended in March, Takata hadn’t breached conditions that would allow its banks to call back loans, according to a source who declined to be named because the meeting wasn’t open to the media. Takata is at the centre of the safety crisis engulfing the global automotive industry. Its airbags have been found to deploy abnormally, causing breakage and shooting shrapnel at passengers. The defect has been linked to at least six deaths and more than 100 injuries, with automakers recalling more than 36 million vehicles globally since 2008, according to estimates by Reuters.