Tokyo — Japan’s Toshiba Corporation has informed its main lenders that it is planning for US nuclear unit Westinghouse to file for bankruptcy on March 31, people briefed on the matter said on Friday. Toshiba expects a Chapter 11 filing for Westinghouse to expand charges related to the unit in the current financial year to around ¥1-trillion ($9bn) from its publicly flagged estimate of ¥712.5bn, the people also said. A move to file, however, allows the TVs-to-construction conglomerate to limit risks from future losses at Westinghouse, which has been plagued by huge cost over-runs at two US nuclear projects. The decision comes only three months after Toshiba first warned of multi-billion dollar charges for Westinghouse. The ensuing financial maelstrom has already caused Toshiba to put up its prized memory chip unit for sale, consider a sale of a majority stake in Westinghouse, and miss deadlines to file earnings that have put it at risk of a de-listing. Toshiba is now in discussions w...
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