Toshiba asked creditor banks for a new loan and offered as collateral a stake in its memory chip unit that is being split off, sources said, underlining the firm's growing financial woes as it braces for a multi-billion dollar loss.
The TVs-to-construction Japanese conglomerate expects to book a net loss of about $9 billion for the year ended March, due to a writedown related to cost overruns at its U.S. nuclear unit Westinghouse that recently went bankrupt. Toshiba has put up most or even all of its prized chip unit—the world's No.2 producer of NAND chips—to cope with this financial maelstrom. read the rest here