Toshiba’s shares closed down 7.2 per cent today.
The firm unexpectedly delayed its financial update last month as it announced it needed more time to probe its US nuclear business after revealing a multi-billion pound hole. It’s due to report earnings Tuesday, but a source has told Reuters the likelihood of Toshiba meeting this deadline was “fifty-fifty”.
If the firm fails to meet that deadline, it has until 27 March to file or could be delisted.
Although the troubled firm said it’s not aware of any intention for Westinghouse to file for Chapter 11 bankruptcy, sources have said it is one of several options being considered. The nuclear business faces cost overruns at two projects.
Toshiba has also hired a Japanese law firm to help estimate the how a US bankruptcy will impact the broader group, sources said…..