The crisis in Toshiba deepens in 2017

The crisis in Toshiba is gaining momentum and is increasingly deepening.

Shares of the Japanese industrial conglomerate fell on Wednesday after the company said that it was considering selling most of its stake in the Westinghouse nuclear power division, but the fate of the department is still unclear, Reuters reports

toshiba collapse

According to the publications of world media, the reason for such step is the worsening of the problem in the company, which reported a billion losses. The new delays Toshiba and failure to meet the deadline in the provision of its financial statements for the third quarter on Tuesday also contributed to the disappointment on the stock exchange in Tokyo. Securities of the company decreased by 7.5% at the beginning of trading. And their sharp decline in December has so far reduced the market value of Toshiba by 7.4 billion dollars.

It is expected that representatives of the company will hold a meeting with bank creditors later on Wednesday to explain the situation, commented sources familiar with the issue before the agency. “Toshiba is too big for Japan to lose it,” said Kazunori Ito, an analyst with the research firm Ibbotson Associates Japan.