All five companies that submitted takeover proposals for Takata Corporation last week require the Japanese airbag manufacturer to file for bankruptcy protection, according to a Reuters report citing people close to the restructuring process.

Takata is the company behind the largest automotive recall in automotive history with over 100m vehicles recalled over the last two years to replace faulty inflators that cause its airbags to explode with excessive force.

They have been linked with at least 15 deaths worldwide and numerous injuries. The cost of the recall alone, without taking into account any eventual lawsuits, is estimated to amount to around US$10bn.

The company is seeking outside help to generate the required funds to overcome the crisis. It has also begun to divest some individual businesses with the sale of its US car interior business to Piston Group last week.

The five bidders are understood to include Japanese inflator manufacturer Daicel, supported by the US' Bain Capital; Chinese-owned US airbag manufacturer Key Safety Systems; US private equity firm KKR; Swedish airbag manufacturer Autoliv; and Flex-N-Gate, a US manufacturer of automotive lighting, body modules and mechanical systems.

Takata's creditors, including Japanese and foreign automakers such as Toyota, Honda, GM, Volkswagen and Fiat-Chrysler, are unhappy with the bankruptcy proposals as it would involve a significant debt write-off.

While many have indicated they will oppose a move for bankruptcy, it remains the only option on the table at the moment.