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  1. Takata tumbles after report company weighs U.S. bankruptcy filing

Takata tumbles after report company weighs U.S. bankruptcy filing

Shares of Takata Corp tumbled on Tuesday after The Wall Street Journal reported late last week that the troubled Japanese air bag maker is weighing a U.S. bankruptcy filing as one option for clearing a path for an outside investor.

By: | Tokyo | Published: October 11, 2016 6:24 AM
As of 0012 GMT, Takata shares dived more than 10 percent after remaining untraded with a glut of sell orders earlier. (Reuters) As of 0012 GMT, Takata shares dived more than 10 percent after remaining untraded with a glut of sell orders earlier. (Reuters)

Shares of Takata Corp tumbled on Tuesday after The Wall Street Journal reported late last week that the troubled Japanese air bag maker is weighing a U.S. bankruptcy filing as one option for clearing a path for an outside investor.

As of 0012 GMT, Takata shares dived more than 10 percent after remaining untraded with a glut of sell orders earlier.

Takata issued a statement on Tuesday saying the reported plan was not something it announced. Markets were closed in Japan on Monday for a public holiday.

Citing people familiar with the matter, the Wall Street Journal said on Friday Takata’s U.S. arm would seek protection from creditors in a federal bankruptcy court under preliminary plans being discussed.

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