Toshiba Completes Sale of Westinghouse

August 2, 2018

Tokyo- Toshiba Corp. said Thursday that it has completed procedures for the sale of failed U.S. nuclear plant builder Westinghouse to Canadian fund Brookfield Business Partners LP.

Leaving debts of some 9.8 billion dollars, the U.S. firm filed for Chapter 11 bankruptcy protection in March last year.

Now that Toshiba is unlikely to incur fresh loss associated with Westinghouse following the completion of the sale, the Japanese electronics and machinery giant will reverse 39.6 billion yen of related loss reserves in the April-September first half of fiscal 2018.

Noting that the reversal has already been reflected in its consolidated earnings forecast for the year ending in March 2019, Toshiba said that it will not change its current projection. Jiji Press