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Akebono Brake Gets $517 Million Bailout
Akebono Brake Industry Co. says 37 of its creditor banks have agreed to forgive 56 billion yen ($517 million) in debt to help the company through an out-of-court based turnaround.
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Akebono Brake Industry Co. says 37 of its creditor banks have agreed to forgive 56 billion yen ($517 million) in debt to help the company through an out-of-court based turnaround.
Akebono filed in January for the accelerated restructuring maneuver. The Japanese company blames much of its woes on a sharp decline in orders from General Motors Co.
The plan calls for Akebono to sell one plant in Japan and five more elsewhere, thereby slashing its number of manufacturing facilities by one-third, The Nikkei reports. The company will shutter three of its four plants in the U.S. by about 2025.
The newspaper says Akebono also will shut down product development labs in Germany and the U.K., and either sell or close two European plants: one in France and one in Slovakia.
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