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Toyota-affiliated Akebono Brake seeks relief from lenders

Japanese manufacturer sounds out automaker on cash infusion as US business falters

Missing out on orders from U.S. automakers has heavily dented earnings for Japan's Akebono Brake.
Missing out on orders from U.S. automakers has heavily dented earnings for Japan's Akebono Brake.   © Photo by Wataru Ito

TOKYO -- Japan's Akebono Brake Industry is seeking a capital infusion from top shareholder Toyota Motor and financial relief from bank lenders as it tries to turn operations around under a private workout scheme, Nikkei learned Tuesday.

The brake maker filed for an out-of-court turnaround process with a state-certified third-party body that day. Akebono, whose troubled American operations have weighed on its earnings, is already in talks with certain partner banks and aims to compile a rehabilitation plan by June.

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