Takata shares halted on report U.S. unit planning possible bankruptcy filing

Trading in shares of Takata Corp was halted on Friday after the Nikkei business daily reported the embattled Japanese vehicle parts maker was getting ready for a possible personal bankruptcy filing for its U.S. unit to help protect a monetary sponsor.

Takata, which has actually maintained financial investment bank Lazard Ltd as an adviser, has been working to select a backer for its turn-around as it deals with substantial expenses associated with the worldwide recall of millions possibly defective air bag inflators.

In a declaration, Takata stated those efforts are continuous.

“The main cumulative goal is examining all bids and reaching a resolution that remains in the very best interests of all our stakeholders while promoting public safety and making it possible for Takata to remain a practical and valued worldwide supplier to the automobile market,” it stated.