With mounting writedowns from its nuclear business, Japan’s Toshiba Corp is looking to sell part of its core semiconductors business, a world No.2 in the flash memory chips used in smartphones. But its rush to plug a hole in its U.S. nuclear business that Japanese media now estimate at as much as $6 billion may complicate any asset sale. Toshiba, which warned last month of multi-billion dollar charges for U.S. nuclear project cost overruns, wants to boost its capital base by the end of March. Failure to offset the nuclear hit could wipe out already thin shareholder equity and push the company into negative net worth – jeopardising its role in public infrastructure projects and its place on the Tokyo stock exchange.
Reuters 22nd Jan 2017 read more »