Editing Toshiba (section)

===2017 US nuclear construction liabilities===
In late December 2016, the management of Toshiba requested an "urgent press briefing" to announce that the newly-found losses in the [[Westinghouse Electric Company|Westinghouse]] subsidiary from [[Vogtle Electric Generating Plant]] nuclear plant construction would lead to a write-down of several billion dollars, bankrupting Westinghouse and threatening to bankrupt Toshiba. The exact amount of the liabilities was unavailable.<ref>{{Cite news |last1=Smith |first1=Rebecca |last2=Narioka |first2=Kosaku |date=29 December 2016 |title=Toshiba Shares Plunge Further Over Problems at Nuclear-Power Subsidiary |work=[[The Wall Street Journal]] |url=https://www.wsj.com/articles/toshiba-shares-crash-after-write-down-warning-1482905903 |access-date=30 December 2016 |issn=0099-9660}}</ref><ref>{{Cite news |title=How two cutting edge U.S. nuclear projects bankrupted Westinghouse |newspaper=Reuters |date=2 May 2017 |url=https://www.reuters.com/article/us-toshiba-accounting-westinghouse-nucle-idUSKBN17Y0CQ |via=mobile.reuters.com}}</ref> In January 2017, a person with direct knowledge of the matter reported that the company plans on making its memory chip division a separate business, to save Toshiba from bankruptcy.<ref>{{Cite news |date=24 January 2017 |title=Toshiba board to approve plans to split off chip business on Friday: source |work=Reuters |url=https://www.reuters.com/article/us-toshiba-accounting-idUSKBN1580YS |access-date=24 January 2017}}</ref><ref>{{Cite web |title=Toshiba completes $18bn sale of flash memory unit |url=https://asia.nikkei.com/Business/Business-deals/Toshiba-completes-18bn-sale-of-flash-memory-unit |website=Nikkei Asian Review}}</ref><ref>{{Cite web |title=Former Toshiba memory business to rebrand as Kioxia |url=https://www.zdnet.com/article/former-toshiba-memory-business-to-rebrand-as-kioxia/ |website=[[ZDNet]]}}</ref><ref>{{Cite news |title=Toshiba has no immediate plans to sell memory chip stake: CEO |newspaper=Reuters |date=21 December 2018 |url=https://www.reuters.com/article/us-toshiba-chips-idUSKCN1OK0Z5 |via=mobile.reuters.com}}</ref><ref>{{Cite web |last=Tallis |first=Billy |title=Toshiba Memory To Rebrand As Kioxia |url=https://www.anandtech.com/show/14652/toshiba-memory-to-rebrand-as-kioxia |website=www.anandtech.com}}</ref><ref>{{Cite web |date=13 May 2019 |title=Toshiba net profit up 26% in fiscal 2018 after selling chip unit |url=https://www.japantimes.co.jp/news/2019/05/13/business/corporate-business/toshiba-net-profit-26-fiscal-2018-selling-chip-unit/ |website=The Japan Times}}</ref><ref>{{Cite web |date=2 June 2018 |title=Toshiba completes $18B sale of memory business to consortium including Apple |work=9to5Mac |url=https://9to5mac.com/2018/06/02/toshiba-memory-business-sale-complete/ |last1=Miller |first1=Chance }}</ref>

In February 2017, Toshiba revealed unaudited details of a 390 billion yen ($3.4 billion) corporate wide loss, mainly arising from its majority owned US based [[Westinghouse Electric Company|Westinghouse]] nuclear construction subsidiary which was written down by 712 billion yen ($6.3 billion). On 14 February 2017, Toshiba delayed filing financial results, and chairman Shigenori Shiga, formerly chairman of Westinghouse, resigned.<ref name="reuters-20170214">{{Cite news |first1=Makiko |last1=Yamazaki |first2=Taiga |last2=Uranaka |date=14 February 2017 |title=Delays, confusion as Toshiba reports $6.3 billion nuclear hit and slides to loss |work=Reuters |url=http://uk.reuters.com/article/uk-toshiba-accounting-results-idUKKBN15T0AY |archive-url=https://web.archive.org/web/20170214100107/http://uk.reuters.com/article/uk-toshiba-accounting-results-idUKKBN15T0AY |url-status=dead |archive-date=14 February 2017 |access-date=14 February 2017}}</ref><ref name="bbc-20170214a">{{Cite news |date=14 February 2017 |title=Toshiba chairman quits over nuclear loss |work=BBC News |url=https://www.bbc.co.uk/news/business-38965380 |access-date=14 February 2017}}</ref><ref name="bbc-20170214b">{{Cite news |first=Karishma |last=Vaswani |date=14 February 2017 |title=Toshiba: Why troubled Japanese firms survive |work=BBC News |url=https://www.bbc.co.uk/news/business-38969273 |access-date=14 February 2017}}</ref> Construction delays, regulatory changes and cost overruns at Westinghouse-built nuclear facilities [[Vogtle Electric Generating Plant|Vogtle units 3 and 4]] in Waynesboro, Georgia and [[Virgil C. Summer Nuclear Generating Station|VC Summer units 2 and 3]] in South Carolina, were cited as the main causes of the dramatic fall in Toshiba's financial performance and collapse in the share price. Fixed priced construction contracts negotiated by Westinghouse with Georgia Power left Toshiba with uncharted liabilities that resulted in the sale of key Toshiba operating subsidiaries to secure the company's future.<ref>{{Cite news |last=Crooks |first=Ed |date=17 February 2016 |title=Toshiba brought to its knees by two US nuclear plants |work=Financial Times |url=https://www.ft.com/content/b7053ab4-f45e-11e6-95ee-f14e55513608 |archive-url=https://ghostarchive.org/archive/20221210/https://www.ft.com/content/b7053ab4-f45e-11e6-95ee-f14e55513608 |archive-date=10 December 2022 |url-access=subscription |url-status=live |access-date=20 February 2017}}</ref>

Westinghouse filed for [[Chapter 11 bankruptcy]] protection on 29 March 2017.<ref name="reuters-20170330">{{Cite news |first1=Tom |last1=Hals |first2=Makiko |last2=Yamazaki |first3=Tim |last3=Kelly |date=30 March 2017 |title=Huge nuclear cost overruns push Toshiba's Westinghouse into bankruptcy |work=Reuters |url=https://www.reuters.com/article/us-toshiba-accounting-board-idUSKBN17006K |access-date=31 March 2017}}</ref><ref>{{cite press release |date=29 March 2017 |url=http://www.westinghousenuclear.com/About/News/View/WESTINGHOUSE-ANNOUNCES-STRATEGIC-RESTRUCTURING 
|title=Westinghouse announces strategic restructuring |publisher=Westinghouse Electric Company |access-date=7 August 2022}}</ref> Toshiba was estimated to have 9 billion dollar annual net loss.<ref name=":0">{{Cite news |date=25 April 2017 |title=Toshiba to drop its auditor: Nikkei |work=Reuters |url=https://www.reuters.com/article/us-toshiba-auditors-idUSKBN17R2H0 |access-date=25 April 2017}}</ref> On 11 April 2017, Toshiba filed unaudited quarterly results. Auditors [[PricewaterhouseCoopers]] had not signed of the accounts because of uncertainties at Westinghouse. Toshiba stated that "substantial doubt about the company's ability to continue as a going concern exists".<ref name="bbc-20170411">{{Cite news |date=11 April 2017 |title=Toshiba files unaudited results and says future is in doubt |work=BBC News |url=https://www.bbc.co.uk/news/business-39564956 |access-date=11 April 2017}}</ref><ref name="nasdaq-20170411">{{Cite news |date=11 April 2017 |title=Toshiba files earnings without auditor endorsement, delisting risk rises |work=NASDAQ |agency=Reuters |url=http://www.nasdaq.com/article/toshiba-files-earnings-without-auditor-endorsement-delisting-risk-rises-20170411-00168 |access-date=11 April 2017}}</ref> On 25 April 2017, Toshiba announced its decision to replace its auditor after less than a year. Earlier in April, the company filed twice-delayed business results without an endorsement from auditor PricewaterhouseCoopers (PwC).<ref name=":0" /><ref>{{Cite web |date=26 April 2017 |title=Toshiba Is Replacing Its Auditor PwC Over Irreconcilable Differences |url=http://fortune.com/2017/04/25/toshiba-pwc-business-results-audits/ |access-date=27 April 2017 |website=Fortune}}</ref>

On 20 September 2017, Toshiba's board approved a deal to sell its memory chip business to a group led by [[Bain Capital]] for US$18 billion, with financial backing by companies such as [[Apple Inc.|Apple]], [[Dell Technologies]], [[Hoya Corporation]], [[Kingston Technology]], [[Seagate Technology]], and [[SK Hynix]].<ref>{{Cite news |date=20 September 2017 |title=Bain-Led Group to Buy Toshiba Chip Unit in $18 Billion Deal |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2017-09-20/toshiba-agrees-to-sell-memory-chip-unit-to-bain-led-group |access-date=5 December 2017}}</ref><ref name="wsj-cimiluca">{{Cite news |last1=Mochizuki |first1=Takashi |last2=Landers |first2=Peter |last3=Cimilluca |first3=Dana |date=20 September 2017 |title=Toshiba Decides on Bain-Apple Group in Chip-Business Sale |work=[[The Wall Street Journal]] |location=New York City, New York, United States |url=https://www.wsj.com/articles/toshiba-decides-on-bain-apple-group-in-chip-business-sale-1505886346 |access-date=21 September 2017}}</ref> The newly independent company was named [[Toshiba Memory Corporation]], and then renamed [[Kioxia]]. On 15 November 2017, [[Hisense]] reached a deal to acquire 95% of Toshiba Visual Solutions ([[television set]]s) for US$113.6 million.<ref>{{Cite news |title=Toshiba sells its electronics department to Hisense |work=The Verge |url=https://www.theverge.com/2017/11/14/16649374/toshiba-china-hisense-sharp-tv-deal-signed |access-date=15 November 2017}}</ref> Later that month, the company announced that it would pull out of its long-standing sponsorships of the Japanese television programs ''[[Sazae-san]]'', ''Nichiyō Gekijo'', and the video screens topping out [[One Times Square]] in [[New York City]]. The company cited that the value of these placements were reduced by its exit from consumer-oriented lines of business.<ref>{{Cite news |date=22 November 2017 |title=Cash-strapped Toshiba bids farewell to Times Square and 'Sazae-san' |work=The Japan Times |url=https://www.japantimes.co.jp/news/2017/11/22/business/corporate-business/cash-strapped-toshiba-bids-farewell-times-square-sazae-san/ |access-date=5 December 2017 |issn=0447-5763}}</ref> On 6 April 2018, Toshiba announced the completion of the sale of Westinghouse's holding company to [[Brookfield Business Partners]] and some partners for $4.6 billion.<ref name="wnn-20180406">{{Cite news |date=6 April 2018 |title=Toshiba sells Westinghouse-related assets in USA |publisher=World Nuclear News |url=http://www.world-nuclear-news.org/C-Toshiba-sells-Westinghouse-related-assets-in-USA-0604185.html |access-date=12 April 2018}}</ref>