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Toshiba preparing Westinghouse writedown, CEO to step down

Toshiba preparing Westinghouse writedown, CEO to step down
April 20, 2016
TOKYO - Japan's Toshiba Corp is preparing to write down the value of its stake in US nuclear subsidiary Westinghouse by around 200 billion yen ($1.83 billion), sources familiar with the matter said on Wednesday. Separately, a company committee is meeting on Wednesday to approve the resignation of Chief Executive Masashi Muromachi, said one of the sources, who requested anonymity because they were not authorized to speak with media. Toshiba had said last month that it was conducting a stress test to see whether it would need to write down its nuclear business. On Wednesday, the company said it had not yet finalised results from that test. It declined to comment on Muromachi's possible resignation. -Reuters
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