January 29, 2019 / 10:50 PM / 5 months ago

Japan's Akebono Brake seeks relief from lenders - Nikkei

Jan 30 (Reuters) - Japan's Akebono Brake Industry Co Ltd is seeking a capital infusion from top shareholder Toyota Motor Corp and financial relief from bank lenders as it tries to turn operations around under a private workout scheme, Nikkei newspaper reported on Wednesday.

The brake maker had filed for an out-of-court turnaround process with a state-certified third-party body, the daily said.

The company, whose earnings took a beating after it failed to secure orders for new models from U.S. automakers, is already in talks with certain partner banks and aims to compile a rehabilitation plan by June, Nikkei added.

Akebono was not immediately available for comment outside its regular business hours.

Shares of Akebono have fallen more than 40 percent in 2018, but are up about 17 percent so far this year. (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Bernard Orr)

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