Toshiba Plunges on Massive Nuclear Writedown, Earnings Delay


Toshiba shares fell 8 percent on Tuesday as the company took a $6.3 billion writedown related to its struggling nuclear power business and delayed the release of its fiscal third-quarter earnings. Shigenori Shiga, Toshiba’s chairman and representative executive officer, resigned effective Wednesday, the company said. His resignation in part reflects management taking responsibility for the loss of goodwill and the impairment related to Westinghouse’s acquisition of CB&I Stone & Webster from the Chicago Bridge & Iron Co. N.V.

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Toshiba facing bankruptcy, total disintegration thanks to bad bets on nuclear power

Toshiba-Nuclear-Feature

Toshiba went into meltdown today, announcing a $3.4 billion loss, a write-down of $6.2 billion, and the collapse of its nuclear construction business. The firm, which employs more than 200,000 people worldwide, is facing bankruptcy.

The post Toshiba facing bankruptcy, total disintegration thanks to bad bets on nuclear power appeared first on ExtremeTech.

The original article can be found here: https://www.extremetech.com/computing/244441-toshiba-facing-bankruptcy-total-disintegration-thanks-bad-bets-nuclear-power?source=Computing

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