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.
Akebono, whose troubled U.S. business has hurt its earnings, said it was confident its operations would be turned around under an out-of-court plan and that it will present a revival plan to lenders at a meeting next month.