Money-losing Japanese electronics and nuclear company Toshiba Corp. has until Aug. 10 to get auditors to sign off on its earnings statements, or else it faces the risk of getting delisted.
Tokyo-based Toshiba, whose U.S. nuclear unit Westinghouse Electric Co. filed for bankruptcy protection in March, it received an extension of an earlier June deadline to give its earnings report for the fiscal year that ended in March.
But it’s getting bumped down from the first to the second section of the Tokyo Stock Exchange.
Toshiba said earlier this week it chose a consortium led by a Japanese government backed fund as the preferred bidder to purchase its lucrative computer memory chip business. It sorely needs to cash to survive.
Toshiba’s board of directors chose the bid for Toshiba Memory Corp., totaling about 2 trillion yen ($18 billion), from the consortium of Innovation Network Corp. of Japan, Bain Capital Private Equity and the Development Bank of Japan.
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