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.
Continue Reading Below
Takata, which has retained investment bank Lazard Ltd 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)