Takata's gotta be Too Big To Fail. If they declare bankruptcy they disturb a massive supply chain for fourteen automakers, all of whom will demand sanctions and relief and it becomes an international trade catastrophe. If they reform and say "surprise! we're back!" the companies left holding the bag will sue the bejesus out of the new company. My understanding of Hostess is that the intellectual property and physical property were sold off under the approval of bankruptcy court. "Hostess" is still a company but it's a company the way Indian Motorcycles is a company - the brand was purchased by someone else and the original posse are gone. If Takata does this, they're "donezo" as I said initially... except nobody is going to bid for the Takata name. The only association consumers have with it is negative. It'd be like Ford bringing back the Pinto.