Toyo Tire & Rubber Co. Ltd.'s board has approved the decision to waive the inter-company debt owed by Toyo Automotive Parts (U.S.A.) Inc.
The debt totals $35.8 million, according to Toyo officials. "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."
Toyo Automotive Parts, which was established in 2001, is based in Franklin, Ky.
