Press Release
Apr. 07, 2010
Toyo Tire & Rubber Co., Ltd Waives Debt of Toyo Automotive Parts (USA), Inc.
OSAKA, JAPAN – March 30, 2010 - TOYO TIRE & RUBBER CO., LTD. (hereafter, “Company”) (President and CEO: Kenji Nakakura) announced that on March 30, 2010, its Board of Directors approved the decision to waive an inter-company debt in the amount of $35.8 million owed by Toyo Automotive Parts (USA), Inc. (hereafter, “TAP”).
By writing-off this debt, the Company seeks to enable this wholly-owned North American auto parts manufacturing subsidiary to proceed with the restructuring of its business operations.
Outline of TAP| Company Name : Location : Representative : Primary Business : Capital : Ownership : Date of Establishment : |
Toyo Automotive Parts (USA), Inc. 521 Page Drive, Franklin, Kentucky 42134 U.S.A. Masao Hayashi, President Automotive parts manufacturing US$ 2.9 million Wholly-owned by Toyo Tire & Rubber Co., Ltd. February 2001 |
Outline of Debt Waiver
| Type of Credit : Amount of Credit : Execution date : |
Inter-company loan $35.8 Million 31 March, 2010 |
Outlook : This debt waiver, which has been recorded, will have no impact on the Company's consolidated financial results for the Fiscal Year ending March 2010.
Toyo Tire Corporation
Corporate Communications Dept.
Hyogo Head office Telephone: +81-72-789-9100 Facsimile: +81-72-773-3272
