Jan 19, 2017
Toshiba shares crash as nuclear writedown crisis deepens
There are unconfirmed reports Toshiba is seeking aid from the government-backed Development Bank of Japan. Toshiba said the exact writedown figure was not finalised, and declined to comment on any DBJ approach. The company later indicated that the size of the writedowns would be between $1bn and $4.5bn. Toshiba's nuclear services business brings in about one-third of the industrial giant's revenue. Japan's Nikkei newspaper and the Reuters agency were among news groups reporting that Toshiba had approached the country's development bank, and is looking to spin-off its profitable Nand computer memory division to raise cash. In a statement on Thursday, Toshiba said it was still assessing the scale of the writedown.
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