Wilmington — As automotive supplier Takata prepares for a possible US bankruptcy filing, potential bidders are poring over a recent US court ruling that could expose a buyer to liability for the company’s defective air bags, sources have said. Takata could face billions of dollars in costs from the world’s largest automotive recall, stemming from millions of its air bags that were equipped with malfunctioning inflators. The Japanese company has said it is seeking a financial backer. But interested bidders, if the parts maker goes up for sale, want Takata to put its US business into bankruptcy first, the sources have said. Generally, US bankruptcy law allows a bidder to buy assets free and clear of lawsuits and other liabilities, and the selling company uses the money to repay its creditors. General Motors (GM) used the strategy when it filed for chapter 11 bankruptcy in 2009. The vehicle maker sold its best assets to a so-called "new GM" scrubbed free of billions of dollars of debts...
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