Business

Stability of ailing Westinghouse parent Toshiba is vital, U.S. tells Japan

Kyodo

U.S. Cabinet members told Japanese industry minister Hiroshige Seko on Thursday that the United States regards the fiscal stability of Toshiba Corp., the ailing parent company of Westinghouse Electric Co., as extremely important.

Speaking to reporters after separate talks with Energy Secretary Rick Perry and Commerce Secretary Wilbur Ross in Washington, Seko said he agreed with them to share information about developments involving Toshiba and its troubled U.S. nuclear affiliate.

Seko met the secretaries two days after Toshiba said a filing for Chapter 11 bankruptcy protection by Westinghouse is an option. Toshiba also said it will sell a majority of shares in the U.S. unit in fiscal 2017, which starts in April.

Neither Perry nor Ross mentioned a possible Chapter 11 filing by Westinghouse, he said.

Seko, the minister of economy, trade and industry, had a separate meeting Thursday with Gary Cohn, director of the White House National Economic Council.

Seko was on a one-day visit to Washington to lay the groundwork for a high-level economic dialogue the two governments are planning to start in April.

The dialogue will be led by Japanese Deputy Prime Minister Taro Aso and U.S. Vice President Mike Pence.

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