Mexican Media Brands
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.
#economics
Share
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.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.
-
On The German Auto Industry
A look at several things that are going on in the German auto industry—from new vehicles to stamping to building electric vehicles.