September 20, 2016 / 1:42 AM / 2 years ago

Takata shares tank after report some bidders considering bankruptcy proceedings

TOKYO (Reuters) - Shares in Takata Corp 7312.T fell as much as 9 percent on Tuesday after a Bloomberg report that some of the company’s bidders are considering the possibility of some form of bankruptcy proceedings for the troubled Japanese air bag maker.

A sign with the TAKATA logo is seen outside the Takata Corporation building in Auburn Hills, Michigan May 20, 2015. REUTERS/Rebecca Cook/File Photo

Citing people familiar with the bidding process, Bloomberg reported on Monday that a bankruptcy option was being considered to rein in liabilities.

Tokyo markets were closed on Monday for a national holiday.

On Tuesday when markets re-opened, Takata shares were down 7.8 percent at 390 at 0123 GMT.

People with direct knowledge of the bidding process told Reuters earlier that Takata would take initial bids from potential rescuers, including Japanese chemical maker Daicel Corp (4202.T), China’s Ningbo Joyson Electronic (600699.SS) and global funds KKR & Co (KKR.N) and Bain Capital LP, on Sept. 19.

Reporting by Chang-Ran Kim; Editing by Michael Perry

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