Takata Corp.’s bankruptcy filing spells the end of a eight-decade-old auto-parts maker, but the company could limp on for years supplying parts for the approximately 54 million defective air bags that still need to be replaced in the U.S. alone.

The unprecedented recall affects roughly 16% of the 260 million vehicles currently on American roads. Consumers already are grappling with confusion and delays on recalls of the air bags…

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