Toshiba to meet bankers on Wednesday after detailing loss | business-news | Hindustan Times
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Toshiba to meet bankers on Wednesday after detailing loss

business Updated: Feb 15, 2017 10:37 IST
Toshiba

An employee stands next to a logo of Toshiba Corp in Yokohama, south of Tokyo.(REUTERS)

Toshiba Corp said on Tuesday it would take a 712.5 billion yen ($6.28 billion) writedown on its U.S. nuclear business, wiping out its shareholder equity and dragging the company to a full-year loss.

The company estimated a 390 billion yen ($3.44 billion) net loss for the year ending March 31, compared with a 460 billion yen loss a year earlier, following a 2015 accounting scandal.

The results have yet to be approved by the company’s auditor and have been released as guidance, Toshiba said.

The company also announced that Chairman Shigenori Shiga would step down.

Toshiba Corp executives will meet with the company’s bankers on Wednesday, after the conglomerate said it would book a $6.3 billion writedown on its U.S. nuclear business, chief financial officer Masayoshi Hirata said.

Toshiba is also considering all options for its NAND flash memory unit as it tries to raise cash, including a complete sale, CEO Satoshi Tsunakawa said at the same briefing.