Takata Corp. has ruled out using bankruptcy as a way of mitigating liabilities from its record air bag recalls and is instead seeking buyers that could take a controlling stake and carry the company through its current crisis, according to a source with knowledge of the restructuring process.
Lazard Ltd., Takata's financial adviser, will meet manufacturers as well as financial firms with the aim to find buyers by the fall, according to the source, who asked not to be named because the discussions are private.
Takata's plan is to remain listed and maintain its core businesses covering seat belts, air bags and steering wheels while selling off noncore operations, the source said.