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Takata Posts a Profit, Reiterates Aversion to Bankruptcy
Takata Corp. reports net income of 16 billion yen ($157 million) in July-September, reversing a 9 billion-yen loss in the same period last year.
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Takata Corp. reports net income of 16 billion yen ($157 million) in July-September, reversing a 9 billion-yen loss in the same period last year.
The beleaguered airbag maker also raised its profit guidance for the fiscal year ending March 31 to 20 billion yen ($194 million) from 13 billion yen. The company lost 13 billion yen in the prior 12 months.
Takata also reasserts its intent to avoid filing for bankruptcy in Japan. The company argues that a court-led bankruptcy there would disrupt its production and “make it difficult for the business to continue.” Earlier this week The Nikkei reported that Takata is weighing the possibility of a bankruptcy filing for its U.S. unit, TK Holdings Inc.
The four active bidders for the company—Autoliv, Key Safety Systems, Flex-N-Gate and Daicel-Bain—have recommended some form of bankruptcy, sources tell Bloomberg News. They say only Daicel-Bain is now pressing for a bankruptcy filing in Japan.
Takata has been trying to brace for the financial impact of global recalls by more than a dozen carmakers of about 100 million faulty Takata airbag inflators. In September it agreed to sell its Irvin Automotive interiors business. The company says it also has now disposed of its shares in Fuji Heavy Industries, Honda, Mitsubishi Motors, Nissan, Suzuki and Toyota. All are Takata airbag customers.
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