• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Current price of oil as of July 1, 2026
Tech

Toshiba Shares Plummet on Reports of Bigger-Than-Expected $6 Billion Writedown

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
January 19, 2017, 5:50 AM ET
Toshiba Corp. President Satoshi Tsunakawa Speaks At News Conference As Company Drops on Reports of Nuclear Unit's $4.3 Billion Loss
Satoshi Tsunakawa, president of Toshiba Corp., reacts during a news conference in Tokyo, Japan, on Tuesday, Dec. 27, 2016. The companys shares fell 12 percent to 392 yen at the close in Tokyo on Tuesday, the biggest decline since December 2015, after earlier reports that it may book a loss of as much as 500 billion yen ($4.3 billion). Photographer: Kiyoshi Ota/Bloomberg via Getty ImagesPhotograph by Kiyoshi Ota—Bloomberg/Getty Images
Add Fortune on Google for similar content.

Toshiba’s financial crisis deepened on Thursday as media reported it may book a bigger-than-expected $6 billion writedown on its U.S. nuclear business, sending its shares sliding 15%.

The reports cast doubt on whether measures the beleaguered industrial conglomerate is expected to take to bolster its finances—including the sale of a stake in its chip business—will be sufficient to address any shortfall.

Toshiba (TOSBF) has also approached government-backed Development Bank of Japan (DBJ) for assistance, said a source with knowledge of the matter, who was not authorized to speak on the matter and declined to be identified.

Other sources said Toshiba executives will sit down with representatives from its main banks as early as Thursday to discuss possible support.

The president of Sumitomo Mitsui Banking, one of its main banks, told a briefing the lender would like to support Toshiba as much as possible.

Representatives for DBJ and Mizuho Bank were not immediately available to comment. Sumitomo Mitsui Trust Bank, another main bank, declined to comment.

 

Battered by an accounting scandal in 2015, Toshiba was suddenly plunged back into crisis late last year after it emerged that it would have to write down cost overruns at projects handled by a newly acquired U.S nuclear power plant construction firm.

Sources familiar with the matter had previously flagged the size of the expected charge at more than 500 billion yen ($4.4 billion). Kyodo news agency and other domestic media said that estimates had now ballooned to 700 billion yen, in part due to unfavorable currency rates.

Toshiba declined to comment on the reported writedowns and its plans for meeting with banks.

Put on the Tokyo bourse’s watchlist after the accounting scandal, the laptops-to-nuclear conglomerate is not able to tap equity markets for funding.

It has said it is looking at splitting off its chips business—which accounts for the bulk of its operating profit—into a separate company.

It wants to sell a minority stake in the semiconductor business and is considering potential buyers including U.S. partner Western Digital (WDC), said a source familiar with the matter this week. Western Digital has declined to comment.

Media reports have put the size of that stake sale at around 20%. Toshiba’s chips unit could be worth more than 1 trillion yen ($8.9 billion), industry sources have previously said.

“The key thing to watch here is whether Toshiba’s liabilities will exceed its assets. If that happens it will be difficult for some banks to step up with new financing,” said Mana Nakazora, chief credit analyst at BNP Paribas.

Nakazora said, however, she did not expect Toshiba to default on its debt as its main banks would stick by it, adding that some sort of package involving asset sales, financing and capital from the government would likely be arranged.

Shares in Toshiba slid as much as 26% in Thursday, but pared losses to finish 15% lower, giving it a market value of $11 billion.

National broadcaster NHK reported that Toshiba, which employs almost 190,000 people in businesses ranging from washing machines and elevators to sewerage plants and batteries, was looking to sell some units and other assets to raise 300 billion yen in cash.

Toshiba’s shareholder equity, which represents its accumulated reserves, stood at 363.2 billion yen at the end of September, just 7.5% of total assets.

About the Author
By Reuters
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Tech

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Tech

Jason Lemkin
Successwork-life balance
This investor won’t back startups unless staff are in the office 6 days a week: ‘Not because I don’t have empathy, because they’re going to fail’
By Preston ForeJuly 2, 2026
2 hours ago
Trump stopped talking about these media stocks, but his portfolio didn’t stop trading them
InvestingDonald Trump
Trump stopped talking about these media stocks, but his portfolio didn’t stop trading them
By Mia OsmonbekovJuly 2, 2026
3 hours ago
m
CommentaryManufacturing
McKinsey chairs: Building a more resilient industrial base may require $2 trillion in investment
By Eric Kutcher and Shubham SinghalJuly 2, 2026
3 hours ago
Meta’s cloud compute reports: Why build AI data centers in a cornfield when Saudi Arabia has cheap oil and cheaper power?
Big TechMeta
Meta’s cloud compute reports: Why build AI data centers in a cornfield when Saudi Arabia has cheap oil and cheaper power?
By Catherina GioinoJuly 2, 2026
4 hours ago
Scott Bessent, US treasury secretary, during an Economic Club of New York (ECNY) event in New York, US, on Tuesday, June 23, 2026.
Economynational debt
Elon Musk says AI is the only way to fix the $40 trillion U.S. debt crisis—but a new study says even the most optimistic scenario won’t fill the hole
By Eleanor PringleJuly 2, 2026
6 hours ago
A test of Anduril's Altius drone.
NewslettersTerm Sheet
Defense tech could be entering its awkward teenage years. Is the boom a bubble?
By Allie GarfinkleJuly 2, 2026
7 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
1 day ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
7 days ago
Current price of oil as of July 1, 2026
Personal Finance
Current price of oil as of July 1, 2026
By Joseph HostetlerJuly 1, 2026
1 day ago
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
Politics
Trump got a $78K pension from the Screen Actors Guild in 2025 because he appeared in Home Alone 2 in 1992
By Sasha RogelbergJuly 1, 2026
1 day ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
5 days ago
CEO of $248 billion cybersecurity company says workers are about to face a ‘Darwinian moment’ thanks to AI: Evolve or get cut
Success
CEO of $248 billion cybersecurity company says workers are about to face a ‘Darwinian moment’ thanks to AI: Evolve or get cut
By Emma BurleighJuly 1, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.