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Eight months after announcing its plan to sell its chip unit, Toshiba Corp. has finally selected a buyer following a protracted and chaotic sales process. But the embattled tech giant faces big hurdles ahead as it tries to fix its finances and remain a listed company.

The chip unit deal is subject to regulatory screenings in major markets, and a lengthy process may prevent the Japanese conglomerate from raising necessary funds in time. Also looming ahead are challenges from a legal battle with Toshiba’s longtime U.S. partner, whose bid for the unit has been rejected.

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