Toshiba Corp. will once again push back the release of its financial results after missing the initial deadline a month ago to probe a potential auditing problem at its U.S. nuclear unit, Westinghouse Electric Co., according to sources close to the matter.
The conglomerate has told its main creditors it is unable to finalize the numbers by the Tuesday deadline, as it is now considering Chapter 11 bankruptcy protection for Westinghouse, the sources said Monday.
Last month, the struggling company delayed the Feb. 14 release of its results for the April-December period, citing the need to launch an investigation after a whistleblower alleged “inappropriate pressure” at Westinghouse, which is the main cause of huge losses troubling Toshiba.
On Feb. 14, Toshiba only gave an estimate of its April-December financial results. The firm said it would see a massive group net loss of ¥500 billion, as it plans to write down some ¥700 billion tied to the U.S. nuclear unit.
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