TOKYO Trading in shares of Japan's Takata Corp (7312.T) was suspended on Thursday after a newspaper report that the embattled auto parts maker was considering filing for bankruptcy protection, selling all operations to a newly created company.
The Nikkei business daily said the plan would call for U.S.-based Key Safety Systems, a unit of China's Ningbo Joyson Electronic Corp (600699.SS), to sponsor the turnaround plan, spending nearly 200 billion yen ($1.8 billion) to create a company that would buy Takata's operations.
Takata itself would be left with heavy liabilities linked to the massive global recall of its air bag inflators, and is expected to be liquidated eventually, the Nikkei said.
($1 = 111.2200 yen) (Reporting by Chang-Ran Kim; Editing by Richard Pullin)
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Published Date: Apr 27, 2017 06:15 AM | Updated Date: Apr 27, 2017 06:15 AM