The Takata bankruptcy has the company seeking Chapter 11 protection.

As part of the Takata bankruptcy, the company is selling off the majority of its business. This includes its business for manufacturing steering wheels, seat belts and other safety products, but not its air bags. The buyer of these assets is Key Safety Systems, a Chinese company that operates out of Michigan.

The sale of its business to Key Safety Systems won’t save everything from the Takata bankruptcy. Most of the money will be used to cover costs in connection to the airbag recall. Unfortunately, many automakers that used the airbags in their vehicles will end up having to pay for the recall themselves with Takata going under. This includes General Motors Company (NYSE:GM), Honda Motor Co Ltd (ADR) (NYSE:HMC) and Toyota Motor Corp (ADR) (NYSE:TM).

“The sad saga of Takata … has resulted in the implosion of one of the automotive industry’s oldest and most successful suppliers due to technical hubris, mismanagement and a systemic corporate culture of manipulation,” Scott Upham, CEO of Valient Market Research, told CNNMoney.

In the Takata bankruptcy filing, the company disclosed that it has liabilities between $10 billion to $50 billion in the U.S. As part of its restructuring under Chapter 11 protection, Takata will be making older airbag models at several of its factories, but it is unclear how long it will keep this up for.

The Takata bankruptcy will take some time to resolve. The company is currently estimating that it will complete the process both in the United States and Japan in the first quarter of 2018, Reuters notes.

As of this writing, William White did not hold a position in any of the aforementioned securities.