Takata hires Lazard to head financial restructuring effort

London

TAKATA Corp confirmed it has hired investment bank Lazard Ltd to lead a financial restructuring in an effort to resolve costs stemming from its recall of tens of millions of faulty air bags linked to at least 13 deaths and more than 100 injuries worldwide.

Takata's board of directors in February named an outside steering committee to develop a comprehensive restructuring plan to address the financial and operational issues related to its recall of the defective inflators. Takata's outside committee said it retained Lazard as it is "expeditiously seeking new investment for Takata", the committee said in a statement.