Akebono Brake Industry Co. is seeking a capital infusion from top shareholder Toyota Motor Corp. and a moratorium on debt repayment as part of a revival plan, sending its shares tumbling by a quarter on Wednesday.
The brake-maker, a supplier to automakers including General Motors Co., which makes up about a quarter of Akebono’s sales, said in a statement it has filed for assistance with a government-certified third-party body which had been accepted.
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