Apr 4, 2017
Toshiba forced to buy 40% of UK's NuGen
In Tuesday's statement Toshiba said the bankruptcy filing was "An action that meets the definition of an 'event of default' under the terms of the agreement" with Engie. "Engie has accordingly exercised its rights to require Toshiba to buy its holding." Toshiba is paying about 15.3bn yen for the stake. The problems at Westinghouse have dragged on Toshiba. To plug the gap, Toshiba is set to sell a majority stake in its NAND flash-memory business to get it through its continuing financial turbulence.
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