Delays, confusion as Toshiba reports $6.3 billion nuclear hit and slides to loss

The following appears on CNBC.com

After a day of delays and confusion, Japan’s Toshiba said on Tuesday it would book a $6.3 billion hit to its U.S. nuclear unit, a writedown that wipes out its shareholder equity and leaves the loss-making group scrambling for capital.

Highlighting the scale of its financial concerns, Toshiba also ramped up plans to raise cash, announcing it would consider selling most, even all, of its stake in its prized flash-memory chips business, plus its troubled nuclear business Westinghouse.

Toshiba had previously yielded only to selling just under 20 percent of the NAND memory unit, which makes chips for mobiles and tablets and is its most valuable business.


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