Akebono Brake seeks capital infusion from Toyota, financial relief from bank

The Japanese supplier’s troubled operations in North America have impacted its financial performance

Akebono Brake is seeking a capital infusion from its largest shareholder Toyota Motor and financial relief from bank lenders on debt repayment as parts its plan to turnaround its business, Nikkei Asian Review reported on 30 January. The Japanese automaker owned 11.62% shares in Akebono Brake, as on 30 September 2018. According to the Nikkei report, Akebono Brake filed for an out of court turnaround process with a state-certified third-party body, which has been accepted. Akebono has also sent document to its lenders requesting a moratorium on repaying loan principal. The company will hold its first meeting with lenders on 12 February to outline a recovery plan, the report said.