Toshiba Corp. is finalizing a plan to let its troubled U.S. nuclear unit Westinghouse Electric Co. file for Chapter 11 bankruptcy protection by the end of the month, sources close to the matter said Friday.
The embattled Japanese conglomerate is looking to use the bankruptcy filing to finalize losses related to the unit in the fiscal year ending March 31 because its major creditors are urging the company to do so.
Still, the filing could be delayed till April, the sources said. Some executives are concerned the decision could affect whether it wins approval at an extraordinary shareholders meeting next Thursday to spin off its prized chip business as part of restructuring steps.