Toshiba’s shares crashed 8.1 per cent on Wednesday after it announced it would consider selling its troubled Westinghouse unit, putting the future of its planned UK nuclear plant in doubt. The Japanese firm also delayed its quarterly earnings announcement for the second time and said it would expand a probe into Westinghouse, which is backing a new power plant at Moorside, near Sellafield. The share tumble caused the Tokyo Stock Exchange to place the company’s shares on its supervision list. Toshiba shares have now lost more than half of their value since December. Satoshi Tsunakawa, its chief executive, refused to confirm or deny rumours that Westinghouse may file for bankruptcy on Tuesday, according to Reuters. Reports suggest that bankruptcy lawyers have been hired to explore options. US-based Westinghouse is a major stakeholder in a new nuclear plant set to be built near the current power station at Sellafield, in Cumbria. If Toshiba were to sell the unit, new owners could question the investment.
Independent 15th March 2017 read more »