Toshiba to ask banks for help www3.nhk.or.jp
Executives of Toshiba are seeking support from financial institutions to strengthen their capital base.
Company President Satoshi Tsunakawa said on Tuesday that Toshiba is expected to post a loss of about 6.2 billion dollars in the US nuclear-power business in the year through March. He said Toshiba's debt exceeded its assets as of December.
The president said Toshiba is considering selling more than half of its mainstay flash-memory business, up from the original plan of less than 20 percent, as one measure to rebuild the company.
Tsunakawa also said Toshiba will stop taking new orders for the construction of nuclear-power plants abroad.
He said the company is instead going to shift its efforts toward supplying reactor-related equipment.
Toshiba executives said they will meet representatives from 80 financial institutions, including main creditor banks, on Wednesday. They said they will explain plans to overhaul some of their businesses and ask for loans and other forms of financial support.
Meanwhile, Toshiba officials will spend about a month to investigate reports that accounting on their US nuclear business was handled inappropriately. Internal reports brought the problem to their attention.
Published Date:2017-02-15