Shares of Takata Corp fell sharply on Tuesday after The Wall Street Journal reported late last week that the troubled Japanese air bag maker is weighing a US bankruptcy filing as one option for clearing a path for an outside investor. Takata issued a statement on Tuesday saying the reported plan was not something it had announced. Markets were closed in Japan on Monday for a public holiday.
Citing people familiar with the matter, the Wall Street Journal said on Friday that Takata’s US arm would seek protection from creditors in a federal bankruptcy court under preliminary plans being discussed.
Takata, which has retained investment bank Lazard Ltd as an advisor, has been working to choose a sponsor for its turnaround as it faces huge costs related to the global recall of millions of potentially faulty air bag inflators.
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Reuters reported last month that all five bidders seeking to bail out Takata presented restructuring plans that require the company to file for bankruptcy protection. Takata shares were trading down 6 percent in the morning session on Tuesday after initially falling as much as 10 percent.