Toshiba's shareholder equity turns negative after $8.3b write-down

Toshiba says it expects to book a ¥712.5 billion ($8.3 billion) write-down in its nuclear power business, citing cost overruns at a US unit and diminishing prospects for its atomic-energy operations. Shigenori Shiga will step down as chairman of the conglomerate.

The charge will result in a provisional ¥500 billion loss for the nine months ended December 31, a company statement said. In December, Toshiba had warned the write-down could reach several billion dollars, triggering a share decline that has erased more than $US7 billion in market value. As a result of the losses, shareholder equity will drop to negative ¥150 billion for the current year ending in March, Toshiba forecast.

Bloomberg