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Takata shares suspended on report US unit readying bankruptcy
[TOKYO] Takata Corp shares were suspended Friday after the Nikkei newspaper reported the air-bag maker is preparing for a possible bankruptcy filing in the US.
The shares will be suspended from 8:20am Japan time, according to the Japan Exchange Group. A bankruptcy filing by TK Holdings, Takata's US unit, could help the Tokyo-based company find a buyer and continue supplying parts while seeking an out-of-court reorganization, the Nikkei reported.
Takata spokesman Toyohiro Hishikawa said nothing has been decided. The company hired Lazard Ltd earlier this year as its financial adviser to pursue strategic options including a sale. All bidders have proposed bankruptcy proceedings as an option for Takata, people familiar with the process have said.