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Takata tumbles after report company weighs U.S. bankruptcy filing
October 11, 2016 / 12:32 AM / a year ago

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

TOKYO, Oct 11 (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. (Reporting by Ayai Tomisawa; Editing by Chang-Ran Kim)

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