Takata shares halted on report U.S. unit preparing possible bankruptcy filing | Reuters - Firstpost
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Takata shares halted on report U.S. unit preparing possible bankruptcy filing | Reuters

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TOKYO Trading in shares of Takata Corp (7312.T) was halted on Friday after the Nikkei business daily reported the embattled Japanese auto parts maker was preparing for a possible bankruptcy filing for its U.S. unit to help secure a financial sponsor.Takata, which has retained investment bank Lazard Ltd (LAZ.N) as an adviser, has been working to choose a backer for its turnaround as it faces huge costs related to the global recall of millions of potentially faulty air bag inflators.In a statement, Takata said those efforts are ongoing.

"The primary collective goal is assessing all bids and reaching a resolution that is in the best interests of all our stakeholders while promoting public safety and enabling Takata to remain a viable and valued global supplier to the automotive industry," it said.

(Reporting by Chang-Ran Kim; Editing by Michael Perry)

This story has not been edited by Firstpost staff and is generated by auto-feed.

First Published On : Nov 4, 2016 06:15 IST

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