More on Akebono Woes


TOKYO (Reuters) – Japan’s Akebono Brake Industry Co Ltd is seeking a capital infusion from top shareholder Toyota Motor Corp and a moratorium on debt repayment as part of a revival plan, sending its shares tumbling by a quarter on Wednesday.

Akebono, whose troubled U.S. business has hit its earnings, said it was confident its operations would be turned around under an out-of-court scheme and that it will present a revival plan to lenders at a meeting next month.

The Nikkei first reported Akebono’s move to seek capital from Toyota and a debt moratorium. A spokeswoman for Akebono told Reuters that “the content written in Nikkei is true.”

Akebono’s latest financial woes date back to around 2014, when the company was struggling to fill a surge in orders from customers in the United States, where vehicle sales were climbing to record highs.

Read the full article at Reuters.


The Brake Report
The Brake Report

The BRAKE Report is an online media platform dedicated to the automotive and commercial vehicle brake segments. Our mission is to provide the global brake community with the latest news & headlines from around the industry.