Japan's Takata to take bids from seven potential rescuers on September 19 - sources
By Taro Fuse
TOKYO (Reuters) - Takata Corp (7312.T: Quote) will take initial bids from seven potential rescuers on Sept. 19, as the Japanese air bag maker at the heart of the auto industry's biggest-ever global recall fights for survival, two people with direct knowledge of the process said.
Potential investors, including Japanese chemical maker Daicel Corp 4202.T, China's Ningbo Joyson Electronic (600699.SS: Quote) - the parent of Michigan-based air bag maker Key Safety Systems - and global funds KKR & Co (KKR.N: Quote) and Bain Capital LP will each present turnaround plans to investment bank Lazard Ltd (LAZ.N: Quote), the sources told Reuters on condition of anonymity, as the process is private.
Lazard is advising the search for outside investors.
Takata is looking for a lifeline as it faces potentially billions of dollars in liabilities for faulty air bag inflators, which have been linked to at least 14 deaths worldwide after the volatile chemical compound used in their propellant can explode violently, spraying metal shrapnel inside vehicle compartments.
Takata, Lazard, Daicel and Bain had no comment. KKR and Ningbo could not immediately be reached.
A steering committee overseeing Takata's restructuring aims to narrow the list of suitors to two finalists early next month, making progress on a bailout which it plans to finalize by the end of the year, the sources said.
The steering committee also had no comment for this article.
Last month, Reuters reported that six or seven companies had been shortlisted by Takata and that it hoped to reduce the list to two final bidders by mid-September. [nL3N1B73L4] Continued...