Toyo Waives Inter-Company Debt

Toyo Tire & Rubber states its Board of Directors has approved the company’s decision to waive a US$35.8 million inter-company debt owed by Toyo Automotive Parts. By writing-off this debt, Toyo says it seeks to enable this wholly-owned North American automotive parts manufacturing subsidiary to proceed with the restructuring of its business operations.

The Kentucky, US based Toyo Automotive Parts operation was established in February 2001 and specialises in the manufacture and sale of anti-vibration rubber parts.