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Toshiba Projects Record Loss as Nuclear Unit Files for Bankruptcy

  • Toshiba warns full year loss may widen to 1.01 trillion yen
  • Japanese company trying to sell memory chips division
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Toshiba Board Approves Westinghouse Chapter 11 Filing

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Toshiba Corp. projected its annual loss could more than double to a record 1.01 trillion yen ($9.1 billion) as its U.S. nuclear unit Westinghouse Electric filed for Chapter 11 bankruptcy.

The collapse of Westinghouse, once the linchpin of Toshiba’s plans to diversify away from consumer electronics, caps a disastrous run for the Japanese conglomerate as project delays crippled earnings from the nuclear plant business. The company has now put its prized memory chip unit up for sale just as it was recovering from a profit-padding scandal that claimed the scalps of senior executives.