Toshibas board is to meet on Friday to approve a plan to spin-off of its profitable memory chip unit and court buyers for a stake in the newly separated company worth as much as $1.8bn, according to advisers.
The reported plan, which analysts said would put a fire-sale price tag on a valuable Toshiba asset, has emerged as the industrial conglomerate scrambles to preserve its financial stability in the face of several billion dollar writedowns it will soon announce on its nuclear business.
The true scale of the writedowns, which reflect long delays and huge cost overruns on nuclear power projects in the US, will not be disclosed until mid-February. Analysts speculate, however, that they could be between $4bn and $7bn a range that …
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