Toshiba planning bankruptcy for US nuclear unit – Normangee Star

10.4.17

Toshiba planning bankruptcy for US nuclear unit – Normangee Star: A consortium led by South Korea’s SK Hynix Inc has reportedly offered to pay more than $9 billion for a majority stake in Toshiba Corp’s memory chip business. It was the company’s largest annual loss. The firm’s liabilities totalled $9.8bn (�7.9bn) as of December, Toshiba said.

The nuclear-to-electronics conglomerate is looking to finalize losses related to the unit within the current fiscal year ending Friday through the bankruptcy filing.

“We are still expecting to close out the AP1000 GDA (Generic Design Assessment) by the end of the month, according to the long-standing timeline”, a spokeswoman for Britain’s Office for Nuclear Regulation (ONR) said in an email on Thursday. “While we are working with Westinghouse to maintain momentum at the site, we are also now conducting a full-scale schedule and cost-to-complete assessment to determine what impact Westinghouse’s bankruptcy will have on the project”.