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Toshiba's main banks ask for Westinghouse bankruptcy filing this month

Friday, March 24, 2017 - 09:08

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Toshiba Corp's main lenders are asking Toshiba to submit a bankruptcy filing for its US nuclear unit Westinghouse Electric Co by the end of this month, the Nikkei business daily reported on Friday, without citing sources.

[TOKYO] Toshiba Corp's main lenders are asking Toshiba to submit a bankruptcy filing for its US nuclear unit Westinghouse Electric Co by the end of this month, the Nikkei business daily reported on Friday, without citing sources.

Sumitomo Mitsui Banking Corp and Mizuho Bank Ltd have asked that Westinghouse file for Chapter 11 so that future losses from cost overruns at two US projects can be contained, the paper said.

Earlier this month Japan's Finance Minister Taro Aso said Westinghouse needs to decide by the end of the month whether to file for Chapter 11 so Toshiba can compile audited third-quarter earnings without further delays.

REUTERS

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