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Akebono Brake to shed 6 plants in US, Europe and Japan

Turnaround plan will cut 3,000 jobs as the company seeks debt forgiveness

Akebono's U.S. operations deteriorated after it failed to secure an order for GM's new model.   © Reuters

TOKYO -- Ailing Japanese auto parts supplier Akebono Brake Industry will shut down or sell six factories and eliminate about 3,000 jobs, or 30% of its global staff, under a restructuring plan presented to creditors.

The company, which is set to receive a 20 billion yen ($185 million) bailout from a Japanese rescue fund, will also see its three top executives exit in the fall as it seeks to put together a viable turnaround plan that includes debt forgiveness from lenders.

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