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Toshiba’s US nuclear unit files for bankruptcy

29th Mar 17 9:40 am

What will happen next for the firm?

Toshiba’s US nuclear unit, Westinghouse has filed for bankruptcy protection.

The US firm has struggled with huge losses, this has put its Japanese parent at risk.

Westinghouse has seen huge cost overruns at two US projects in Georgia and South Carolina.

The Japanese government has said it’s been made aware of Toshiba’s plans.

Filing for bankruptcy should help Toshiba with losses.

The ongoing struggle at Westinghouse has seen Toshiba’s shares fall, it has lost more than 60 per cent since the company first announced the problems in December 2016.

In February, the firm’s chairman stepped down and the company has delayed publishing its results due to a disagreement with auditors.

Due to the financial problems it has been facing some analysts are speculating as to whether the Japanese firm can even survive the crisis.

The firm may well have to sell many of its premium segments, such as its memory chip unit.

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