Car airbag maker Breed Technologies Inc. has turned the keys to the business over to Delaware’s bankruptcy court after a string of losses and mounting debts left the company struggling to survive.

In its Chapter 11 petition filed in U.S. Bankruptcy Court in Wilmington, Lakeland, Fla.-based Breed — the U.S.’s third-largest airbag maker — listed $1.32 billion in assets and $1.64 billion in debts. The company and a number of its domestic affiliates filed voluntary petitions in Wilmington; Breed’s international units won’t be affected, the company said.

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