Friday, November 24, 2017
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Atomic Switches Pave The Way For Neuromorphic Chipsets
Samsung to Showcase Large Micro LED TV at CES: report
Samsung Foundry in Advanced Discussions With New Customers for 7nm Chips
Tesla Finished Installing the World's Largest Mega-battery in Australia Within 100 Days
Apple Applies for Patent on Foldable Display
HP Patches Code execution Bug in Enterprise Printers
YouTube Takes More Steps to Tackle Down Videos Inappropriate for Minors
Broadcom Considering Increasing Qualcomm Bid
Active Discussions
Which of these DVD media are the best, most durable?
How to back up a PS2 DL game
Copy a protected DVD?
roxio issues with xp pro
Help make DVDInfoPro better with dvdinfomantis!!!
menu making
Optiarc AD-7260S review
cdrw trouble
 Home > News > General Computing > Toshiba...
Last 7 Days News : SU MO TU WE TH FR SA All News

Thursday, March 30, 2017
Toshiba Investors Approve Memory Chip Sale


Toshiba shareholders on Thursday approved the embattled conglomerate's plan to spin off its prized memory chip unit to bolster its financial standing as it scrambles to secure funds to cover massive losses from its U.S. nuclear business.



Investors took turns to hurl abuse at executives during a meeting convened to take a vote on the intended disposal of its prized semiconductor business. Toshiba is looking to sell a majority stake in the unit to mend a balance sheet ravaged by billions of dollars in writedowns related to cost overruns at nuclear subsidiary Westinghouse Electric.

On Wednesday, Toshiba said it could post a group net loss of 1.01 trillion yen ($9.08 billion) for the fiscal year ending on Friday due in part to the massive costs related to Westinghouse's Chapter 11 filing. Westinghouse has $9.8 billion in total liabilities, much of which must be shouldered by Toshiba under a debt guarantee for the U.S. unit.

The company has said it's received some offers for its NAND memory business. Toshiba has likely attracted 10 bidders including Taiwan's Hon Hai Precision Industry Co., Western Digital, which has jointly invested in Toshiba's Yokkaichi flash memory plant in central Japan, and South Korean SK Hynix Inc.

The company has said it could sell a majority or even the entire stake of the operation to raise funds. The company will choose the preferred buyer in May.

Toshiba's semiconductor business accounted for about 25 percent of the company's 5.67 trillion yen in revenue during the latest fiscal year.

Toshiba Chief Executive Officer Satoshi Tsunakawa opened Thursday's proceedings by apologizing to shareholders and reassuring them the company is doing everything in its power to avoid a de-listing after missing earnings reporting deadlines.



Previous
Next
Semiconductor Market Showed Recovery Signs In 2016        All News        Micron's 1xnm DRAM Process Has Low Yields, Says Report
Semiconductor Market Showed Recovery Signs In 2016     General Computing News      Micron's 1xnm DRAM Process Has Low Yields, Says Report

Get RSS feed Easy Print E-Mail this Message

Related News
Toshiba's Board Approves $5 billion Injection to Stay Listed
Asus Could Buy Toshiba's PC Business
Toshiba Sells TV, Visual Solutions Unit to Chinese Hisense
Toshiba's Profit Jumps on Strong Memory Demand
Toshiba's Shareholders Approve Sale of Toshiba Memory
New Toshiba TR200 3D NAND SSDs Offer an Affordable Alternative to Hard Disks
Toshiba to Further Invest in Production Equipment for Fab 6 at Yokkaichi Operations
Western Digital Provides Its Aspect on Latest Developments Related to the Sandisk JV with Toshiba
Toshiba Signs Deal to Sell Chip Unit to Bain-led Group
SK Hynix to Invest 395 billion yen in Toshiba chip unit
Western Digital Tries to Block Toshiba's $18 Billion Memory Chip Unit Sale
Toshiba MG06 Series Includes 10TB Enterprise Capacity SATA HDD

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2017 - All rights reserved -
Privacy policy - Contact Us .