Mitsubishi Motors Announces Reorganization, Keeps Normal Plant

There's good news Friday for Mitsubishi workers in central Illinois.

The Japanese automaker is closing an assembly plant in Japan and shuttering an engine plant in Australia, but it's decided to keep open its only U.S. plant, which is located in Normal.

Mitsubishi is burdened with more than $9 billion in debt, plunging car sales and a spate of recalls. It also reported a much-steeper-than-expected loss of $1.9 billion for the fiscal year ended March 31.

Friday, the automaker announced that it will receive a $4 billion infusion from investors under a revival plan its chief executive describes as its "last chance."