Wake Up Wall Street: Takata Files for Bankruptcy

Japanese airbag maker Takata files for chapter 11 bankruptcy. The company faced billions of dollars in liabilities over its defective airbags.
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This is what you need to know before the bell:

1. Japanese airbag maker Takata (TYO) - Get Report files for chapter 11 bankruptcy. The company faced billions of dollars in liabilities over its defective airbags.

2. Pandora Media (P)  Co-Founder & CEO Tim Westergren plans to step down from the company. The decision comes after Sirius XM (SIRI) - Get Report said it would invest $480 million in Pandora.

3. Activist investor Daniel Loeb's Third Point reveals it has purchased a 1% stake in Nestle SA (NSRGY) - Get Report .  The activist investor is pressing Nestle to shed some of its assets.

4. Italy is set to wind up two failed banks in a deal that will cost up to $19 billion. The good assets held by the lenders will be put in the hands of retail bank Intesa. Sanpaolo.

5. British lender RBS (RBS) - Get Report is planning to cut 443 jobs in the U.K. The jobs will be moved to India as part of a restructuring of the bank.

This article was written by a staff member of TheStreet.