Japan: No bailout for Toshiba
TOKYO: The government is not considering steps to support Toshiba, said chief cabinet secretary Yoshihide Suga yesterday.
The loss-hit giant this week missed submitting audited thirdquarter earnings for a second time and said it would consider selling a majority stake in the Westinghouse nuclear unit at the centre of its financial troubles.
Sources have said a fund backed by the government may invest as a minority stakeholder in Toshiba’s memory chip business, which the company is looking to sell to raise cash.
Meanwhile, Standard & Poor’s (S&P) cut its credit rating on Toshiba again yesterday, warning that its finances were quickly deteriorating owing to huge losses at Westinghouse.
S&P slashed its outlook on the group by two notches to “CCC-”, pushing it further into junk status after earlier downgrades in December and January.
Toshiba could be running out of options for turning around its business or securing emergency bank funding, it added. Agencies