Airbag supplier Takata has recommended reappointing its current board, suggesting slow progress in its efforts to to find a financial backer to overhaul the business.
According to Reuters, the proposed reappointments for the six member board include chairman Shigehisa Takada. The Takada family controls a stake of around 60% in the parts maker which is facing bankruptcy over the inflator recall crisis.
The target of widespread criticism over the firm's handling of the multi-billion dollar recall, Takada had said at last year's shareholders' meeting that he would resign after a "new management regime" was found.
In a letter to shareholders on Monday cited by Reuters, the company said Takada had been nominated for reappointment as he needs to finish important management issues such as recall measures and work relating to the firm's business revival plans.
US supplier Key Safety Systems (KSS) and partner private equity firm Bain Capital are front runners among potential suitors, Reuters noted. They are seeking to strike a rescue deal worth around JPY200bn with Takata's steering committee and its automaker customers.
Talks have dragged on since February 2016 as potential bidders try to identify and ring-fence Takata's liabilities, the report noted.
Takata's annual shareholders meeting is scheduled for 27 June.