Takata is said to be controlled soon by a private equity firm called KKR & Co. after they have talked to possible buyers of the company amid the airbag recall scandal.

Auto Blog reported that KKR & Co. will attempt to save the financially-troubled Takata via restructuring it as well as raising capital. KKR & Co. was formerly known as Kohlberg Kravis Roberts & Co and is a New York-based company specializing in leveraged takeovers. It has previously bought out numerous large companies such as Toys R Us, Dollar General, and RJB Nabisco. This is however, the first time, that it would buy out a company that is in the automotive industry. Takata is an automotive components supplier.

Despite the massive restructuring plan, Takata will be retaining the financial services of Lazard Ltd. in an attempt to attract future investments. The plan for the restructuring is said to be coming up with a negotiation with the automakers affected by the airbag recall in order to shoulder the costs involved in replacing the faulty airbags.

If and when the carmakers do share with the billing, it will prevent Takata from entering bankruptcy. This will eliminate the possibility of Takata no longer be a vital supplier for safety equipment such as seatbelts.

Aside from the recall costs, which amounted to millions of dollars, the company is also facing fines and legal settlements. The shares of Takata have increased to 21 percent after it has been reported that KKR & Co. is planning to take over. 

Reuters also reported that after Hawaii became the first state to formally sue Takata, the U.S. Virgin Islands also filed a lawsuit naming both Takata and Honda Motor Co. Takata air bags have been linked to 13 deaths and more than 100 injuries.

To date, 60 million airbags have been recalled globally.

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