Toshiba preparing Westinghouse writedown, CEO to step down: source

Reuters News
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Posted: Apr 19, 2016 11:54 PM

TOKYO (Reuters) - Japan's Toshiba Corp is preparing to write down the value of its stake in U.S. nuclear subsidiary Westinghouse by around 200 billion yen ($1.83 billion), sources familiar with the matter said on Wednesday.

Separately, a company committee is meeting on Wednesday to approve the resignation of Chief Executive Masashi Muromachi, said one of the sources, who requested anonymity because they were not authorized to speak with media.

Toshiba had said last month that it was conducting a stress test to see whether it would need to write down its nuclear business.

On Wednesday, the company said it had not yet finalised results from that test. It declined to comment on Muromachi's possible resignation.

(Reporting by Ritsuko Ando; Editing by Muralikumar Anantharaman)