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Akebono Brake wins $520m in debt relief for turnaround

Creditors agree to plan that cuts US, Japan and Europe plants

Akebono Brake's Arras factory in France: The auto parts maker plans to close six plants in the U.S., Japan and Europe. (Nikkei photo)

TOKYO -- Troubled Japanese automotive supplier Akebono Brake Industry said Wednesday it has reached a deal with creditors to wipe away 56 billion yen ($518 million) in debt as part of a restructuring that will dispose of six factories.

The sum represents half of Akebono's bank debt and helps pave the way for a turnaround for the supplier to General Motors, Toyota Motor and Nissan Motor.

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