We're told Takata has just filed for Chapter 11 bankruptcy.
The filing occurred at a U.S. bankruptcy court in Delaware.
This announcement comes after a large safety recall.
The Japanese air bag supplier had to recall more than 42 million vehicles because of potentially dangerous air bags that could release shrapnel.
The defective air bags killed at least 16 people and injured about 180.
Several sources say the company will also likely file for bankruptcy in Japan.
