Toshiba gets earnings report extension, faces delisting risk

Toshiba estimates bigger loss for past year on Westinghouse, lawsuits

Toshiba has already chosen the consortium as the preferred bidder for the sale of Toshiba Memory, its memory chip subsidiary.

Western Digital has sought a USA court injunction to prevent any deal that does not have its consent.

Toshiba wants to reach an agreement with the consortium and clear legal and other procedures before its June 28 general shareholders' meeting. (WDC) over the sale of its chip unit, President Satoshi Tsunakawa said Friday, despite having named a Bain-led consortium as its preferred bidder. Such sales can be sensitive because they involve the transfer of technology.

Toshiba delayed the release of its long-overdue earnings again Friday, with the troubled conglomerate saying it needed more time to finish accounting work at its loss-hit U.S. nuclear unit Westinghouse Electric (WEC).

SK Hynix, which is relatively weak in NAND flash memory chips, has said it has joined the group because it sees new business opportunities.

Toshiba estimates bigger loss for past year on Westinghouse, lawsuits

Guided by the philosophy of "Committed to People, Committed to the Future", Toshiba promotes operations through a global network of 551 consolidated companies employing 188,000 people, with annual sales surpassing 5.6 trillion yen (US$50 billion; March 31, 2016).

Toshiba had been facing a deadline for the end of June to file its audited annual results with Japan's finance ministry, or face a possible delisting from the Tokyo stock exchange.

Toshiba Corp.is set to ask regulators to extend a deadline for submitting its annual financial statement, now set at the end of June, as it has yet to gain auditor approval, sources close to the matter said Friday.

Toshiba's woes stem mainly from Westinghouse, which has filed for Chapter 11 bankruptcy in the US, which may have overpaid - by several billion dollars - for another nuclear construction and services business. Failure to gain an extension would have put the troubled company's stock exchange listing in further jeopardy, although it still needs to dig itself out of negative shareholders' equity by the end of this financial year to stay listed.

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