Takata shares plunge, change hands for the first time since Friday
TOKYO – Shares in Takata Corp changed hands for the first time since sources said last week that the struggling airbag maker was preparing to file for bankruptcy, falling 50 percent in Thursday morning trade.
The stock has closed down by its daily limit each day this week after being untraded during the day – a forced close in accordance with Tokyo Stock Exchange rules. It has lost about 75 percent of its value since Friday.
Takata, facing billions in liabilities stemming from its defective air bag infilators, is preparing to file for bankruptcy as it works toward a deal for financial backing from US auto parts maker Key Safety Systems Inc, sources have told Reuters. -Reuters