situation report

Feb 14, 2017 | 12:09 GMT

1 min read

Japan: Toshiba Chairman Resigns Amid Bankruptcy Speculation

Shigenori Shiga, the chairman of Japanese electronics and energy giant Toshiba Corp., will resign on Feb. 15 to take responsibility for losses of around $6.3 billion related to the firm's nuclear business, Nikkei Asian Review and AP reported Feb. 14. The losses, which the company announced after the close of trading earlier in the day, stem from the acquisition of CB&I Stone & Webster by Toshiba's U.S. nuclear unit, Westinghouse. Company executives reportedly failed to meet a deadline to file quarterly earnings and requested a monthlong extension. The write-down has fueled speculation that Toshiba will have to declare bankruptcy.

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