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Multiple media reports out of Japan are indicating that Toshiba has surprised investors by delaying the announcement of its quarterly earnings amid fears that the company will report losses topping US$6 billion for its nuclear business in the US. The company’s share price was down 8% for the day.
The BBC is reporting that Toshiba has not been able to agree with its auditors over how big the write down should be and the financial chaos has led some analysts to warn the future of the firm is at risk.
However, other reports are indicating that Toshiba is investigating controls at Westinghouse, the US company Toshiba purchased to run its nuclear business. The company is looking into whether executives at Westinghouse exerted "inappropriate pressure" to push a deal that caused the cost overruns.
To help pay for the shortfall in cash, Toshiba announced that it spinning off part of its memory business, including its SSD business and is willing to consider a third party cash injection as a financial measure. Offers from five companies including Micron Technology, Western Digital, SK Hynix and Bain Capital have been made.
Toshiba has received an offer as high as JPY400 billion (US$3.6 billion) for a 20% stake of its memory business.
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