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Toshiba warns it may not survive crisis
Source: CNNMoney
Toshiba warns it may not survive crisis
by Sherisse Pham @Sherisse
April 11, 2017: 8:28 AM ET
Toshiba may not survive its deepening crisis.
The Japanese conglomerate said Tuesday that there is "substantial doubt" about its ability to continue as a going concern after it reported huge losses.
Toshiba has been hammered by the collapse of its American nuclear business, Westinghouse Electric, which filed for bankruptcy protection in the U.S. last month.
After twice missing deadlines, Toshiba (TOSBF) reported a net loss of 648 billion yen ($5.9 billion) for the quarter ended in December. But in an unprecedented move for a major Japanese company, Toshiba filed the report without the approval of its auditors.
Japanese regulators must now decide whether to accept Toshiba's earnings report. If not, shares in the ailing company could be delisted from the Tokyo Stock Exchange.
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by Sherisse Pham @Sherisse
April 11, 2017: 8:28 AM ET
Toshiba may not survive its deepening crisis.
The Japanese conglomerate said Tuesday that there is "substantial doubt" about its ability to continue as a going concern after it reported huge losses.
Toshiba has been hammered by the collapse of its American nuclear business, Westinghouse Electric, which filed for bankruptcy protection in the U.S. last month.
After twice missing deadlines, Toshiba (TOSBF) reported a net loss of 648 billion yen ($5.9 billion) for the quarter ended in December. But in an unprecedented move for a major Japanese company, Toshiba filed the report without the approval of its auditors.
Japanese regulators must now decide whether to accept Toshiba's earnings report. If not, shares in the ailing company could be delisted from the Tokyo Stock Exchange.
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Read more: http://money.cnn.com/2017/04/11/investing/toshiba-earnings-delisting-westinghouse-crisis/
