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Takata issued a
statement on Tuesday saying the reported plan was not something
it had 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 that Takata's U.S. arm would seek protection from
creditors in a federal bankruptcy court under preliminary plans
being discussed.
Takata, which has retained investment bank Lazard Ltd <LAZ.N> as
an advisor, has been working to choose a sponsor for its
turnaround as it faces huge costs related to the global recall
of millions of potentially faulty air bag inflators.
Reuters reported last month that all five bidders seeking to
bail out Takata presented restructuring plans that require the
company to file for bankruptcy protection.
Takata shares were trading down 6 percent in the morning session
on Tuesday after intially falling as much as 10 percent.
(Reporting by Ayai Tomisawa and Taiga Uranaka; Editing by
Chang-Ran Kim and Richard Pullin)
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