Japan's Akebono Brake seeks relief from lenders - Nikkei
29/01/2019 22:48
Jan 30 (Reuters) - Japan's Akebono Brake Industry Co Ltd
7238.T is seeking a capital infusion from top
shareholder Toyota Motor Corp 7203.T and financial relief from
bank lenders as it tries to turn operations around under a
private workout scheme, Nikkei newspaper reported on Wednesday.
The brake maker had filed for an out-of-court turnaround
process with a state-certified third-party body, the daily said.
The company, whose earnings took a beating after it failed
to secure orders for new models from U.S. automakers, is already
in talks with certain partner banks and aims to compile a
rehabilitation plan by June, Nikkei added.
Akebono was not immediately available for comment outside
its regular business hours.
Shares of Akebono have fallen more than 40 percent in 2018,
but are up about 17 percent so far this year.
(Reporting by Aby Jose Koilparambil in Bengaluru; Editing by
Bernard Orr)
((abyjose.koilparambil@thomsonreuters.com; +91 80 67496061;
Reuters Messaging:
abyjose.koilparambil.thomsonreuters.com@reuters.net))