TOKYO - Toshiba Corporation (TOKYO:6502) (Toshiba), as approved at its Board of Directors today, has decided to proceed with a financing transaction (the Financing) expected to close on December 5, 2017.
The proceeds from the Financing will be used to offer to make full payment of parent company guarantee related to nuclear power construction project of Westinghouse Electric Company LLC (Westinghouse). By obtaining funds necessary to offer to make early payment of the parent company guarantee and settling the obligations to creditors, Toshiba can obtain the right against Westinghouse to demand reimbursement of the amount paid by Toshiba. Toshiba intends to sell its claims, including reimbursement, against Westinghouse and interests held by it related to Westinghouse to a third party. If such sale is successfully made, Toshiba is expected to be able to significantly reduce its internal resources it had to allocate to the rehabilitation proceedings of Westinghouse and focus its internal resources on its new businesses after the sale of the Memory Business.
In addition to the above, Toshiba is expected to be able to avoid currency fluctuation risk related to the maximum amount of the parent company guarantee specified in US dollar by making full payment of the parent company guarantee.
Further, if the sale of the claims, including reimbursement, against Westinghouse and interests related to Westinghouse is completed by the end of March 2018, Toshiba is expected to be able to reduce the tax impact recorded as a result of the value of the memory business having been determined, and at least approximately JPY 240 billion will contribute to further enhancing Toshiba's capital base.
If the Financing successfully completes and the claims against Westinghouse and interests related to Westinghouse are sold, it is expected that JPY 750 billion of negative consolidated balance sheet (i.e., liabilities in excess of assets) will be remedied as of the end of March 31, 2018 and thereby Toshiba's pressing challenge will be resolved. After the closing of the transfer of the Memory Business, Toshiba will consider appropriate measures to return to shareholders while considering Toshiba group's financial situation, business risks and other factors.
The Financing, full payment of the parent company guarantee, and the sale of the claims against Westinghouse and the interests related to Westinghouse will contribute to improve and strengthen Toshiba's financial situation and enhance its cash balance. The detail of the impact on Toshiba's financial results is under review.
The successful completion of the Financing will remedy a negative consolidated balance sheet and enable Toshiba to avoid the delisting of its shares, both of which have been pressing challenges of Toshiba. Subsequently, Toshiba group, as the new Toshiba, will focus on four business domains, Social Infrastructure as a core, along with Energy, Electronic Devices and Digital Solutions. Toshiba will pursue to strengthen its revenue base and achieve stable growth in each business domain and to recover its diminished financial base.
In connection with the Financing, no securities will be or have been registered under the United States Securities Act of 1933, as amended, and may be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The information contained herein shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration, or qualification under the securities laws of any such jurisdiction. This announcement contains forward-looking statements concerning future plans, strategies and the performance of Toshiba Group. These forward-looking statements are not historical facts, rather they are based on management's assumptions and beliefs in light of the economic, financial and other data currently available. Since Toshiba Group promotes business in various market environments in many countries and regions, its activities are subject to a number of risks and uncertainties that, without limitation, relate to economic conditions, worldwide mega-competition in the electronics business, customer demand, foreign currency exchange rates, tax rules, regulations and other factors. Toshiba therefore wishes to caution readers that actual results might differ materially from our expectations
Most recent headlines
04/08/2024
Dalet, a leading technology and service provider for media-rich organizations, is excited to announce Santiago Solanas as its new Chief Executive Officer (CEO)....
03/06/2024
Dalet, a leading technology and service provider for media-rich organizations, a...
28/04/2024
Mediahaus delivers the first SRT live-streaming sports production over 5G with U...
23/04/2024
Psychology can play an important role in helping us understand what audiences respond to (Dr Jon Roozenbeek, Cambridge Social Decision-Making Lab)
For newsroom...
23/04/2024
IN ADDITION TO FICTION AND DOCUMENTARY FEATURES, THE SELECTION INCLUDES:
PRO...
23/04/2024
Today, we announced our first quarter 2024 earnings. In a solid start to the year, Spotify reported
Monthly Active Users grew 19% Y/Y to 615 million.
Subscri...
23/04/2024
Idag publicerar Spotify sina finansiella resultat f r f rsta kvartalet 2024. ret har inletts stabilt:
M natliga aktiva anv ndare kade med 19 % j mf rt med f...
23/04/2024
In the last decade, as K-Pop cemented its status as a global phenomenon, Spotify has helped fans around the world keep their fingers on the pulse at every step ...
23/04/2024
Social entrepreneur Hedayat Osyan wins Les Murray Award for Refugee Recognition
23 April, 2024
Media releases
The prestigious award is now in its third yea...
23/04/2024
LONDON IBC is now accepting nominations for its IBC2024 Innovation Awards, which honor achievements in technological innovation and social impact media & entert...
23/04/2024
WASHINGTON, D.C. In response to the introduction of the Broadcast VOICES Act that seeks to encourage more diversity in the ownership of TV and radio stations, t...
23/04/2024
MIAMI, Fla. As part of a push to expand its FAST channel and streaming operations, Hemisphere Media Group has launched its free ad supported television (FAST) c...
23/04/2024
LOS ANGELES DirecTV is adding seven new channels to its rapidly expanding streaming lineup through new licensing agreements with Cineverse Corp. and Scripps Net...
23/04/2024
Entitled Our Creative Future, the manifesto calls for radical new action' t...
23/04/2024
The company has secured investment from private equity firm PAI Partners, which also holds a stake in outside broadcasting company EMG
By Jenny Priestley
Pub...
23/04/2024
Cameron also said he recognised Marlow as a potential UK and European base for his new company, LIGHTSTORM 3D
By Matthew Corrigan
Published: April 23, 2024 ...
23/04/2024
The five categories cover Content Creation, Content Distribution, Content Everywhere, Social Impact and Environment & Sustainability
By Matthew Corrigan
Publ...
23/04/2024
He played a central role in securing key broadcast rights, including the FIFA World Cup 2018 and 2022
By Matthew Corrigan
Published: April 23, 2024
He pla...
23/04/2024
IBC is preparing to honour the highest achievements in technological innovation and social impact with the launch of its prestigious IBC2024 Innovation Awards, ...
23/04/2024
BREA, Calif. Bolin Technology is integrating Network Device Interface (NDI) across its product line, bringing support for the latest NDI technologies to its PTZ...
23/04/2024
WYOMISSING, Pa. PENN Entertainment has announced that longtime Disney and ESPN executive Aaron LaBerge has been named chief technology officer effective July 1,...
23/04/2024
In response to an FCC ruling in March proposing a $1.2 million fine against Nexstar and a ruling that Mission Broadcasting sell WPIX, Nexstar has filled a respo...
23/04/2024
Sony has announced new details about how the National Hot Rod Association (NHRA) is using Sony's Ci Media Cloud platform to streamline its workflows and spe...
23/04/2024
Esports' rapid rise to popularity can be attributed to many factors, from technological advancements that have enhanced the quality of modern gaming experie...
23/04/2024
OpenDrives, Inc., the global provider of software-defined media workflow solutions and data management capabilities, has been selected as a winner in the 2024 N...
23/04/2024
BCNEXXT is pleased to announce that Vpe has won the 2024 NAB Show Product of the Year Award in the Asset Management, Automation and Playout category. The offici...
23/04/2024
Gravity Media, a world leading global provider of complex live creative production and media services, today outlined the broadcast technology and television pr...
23/04/2024
Scality, a global leader in cyber-resilient storage for the AI era, today announced the appointment of Peter Brennan as Chief Executive Officer (CEO) of Scality...
23/04/2024
Blackmagic Design today announced ATEM 1 M/E Constellation 4K and ATEM 2 M/E Constellation 4K switchers, two new Ultra HD models of the ATEM Constellation famil...
23/04/2024
Blackmagic Design today announced Blackmagic Videohub 120x120 12G, the newest model in the Videohub 12G router family. The massive Blackmagic Videohub 120x120 1...
23/04/2024
Blackmagic Design today announced new lower prices for Blackmagic Video Assist 3G and 12G models. Customers can save US$200 on all models. These lower prices ma...
23/04/2024
Adder Technology continues to shine brightly, with its groundbreaking product, the ADDERLink INFINITY 3000 (ALIF3000), once again taking center stage. Hot on t...
23/04/2024
Pliant Technologies' CRP-C12 Compact Radio Pack is an Audio Production, Processing and Networking category winner in the 2024 NAB Show Product of the Year A...
23/04/2024
SipRadius, the specialists in live media transport and transcoding, will showcase their world-leading implementation of AV1 and JPEG-XS over transport streams a...
23/04/2024
Composer Rafael Krux has added a Prism Sound Dream ADA-128 modular conversion system to his production studio where he creates music for commercials, trailers, ...
23/04/2024
PMC proudly provides the ultimate large-scale Dolby Atmos audio system for the legendary musician Steven Wilson at the High End, Munich. He will share his exten...
23/04/2024
Particles emitting from a 3D rotating shape's edge
Graham Quince April 22, 2024
0 Comments
In Fixin' FX, people send me their problematic proj...
23/04/2024
Hollyland Technology Announces a New Line of Video Transmitters: Introducing the...
23/04/2024
Charlotte Deleste, anchor at WISC Madison, Wisconsin, is leaving the station. Her final day on the air is April 24. Deleste has spent 18 years there....
23/04/2024
Top WNBA draft choice Caitlin Clark will appear on local broadcast for 17 games next season in a deal between Tegna and the Indiana Fever....
23/04/2024
The merger will provide vertical integration potential and enhanced product offerings to capture regional and international opportunities for revenue growth and...
23/04/2024
Abu Dhabi, 23 April, 2024 : Partnership delivers greater cybersecurity to Thura...
23/04/2024
Soccer's Appeal to Younger Audiences: Inside the Gamification of European Fo...
23/04/2024
With NBA and NHL Playoffs in Full Swing, Never a Dull Moment for TNT Sports Prod...
23/04/2024
NAB 2024: AT&T Business's Scott Beckett Details Transmission Firepower With ...
23/04/2024
NAB 2024: Manufacturers focus on cinematic look for live productions By George Bevir
Tuesday, April 23, 2024 - 10:40
Print This Story
With live sports pro...
23/04/2024
Save the Date: SVG Sports Content Management Forum Returns to NYC on July 24 By SVG Staff
Tuesday, April 23, 2024 - 4:05 pm
Print This Story | Subscribe
...
23/04/2024
Published On: April 23rd, 2024
data-orig-src=https://www.sgo.es/wp-content/upl...
23/04/2024
Rohde & Schwarz introduces new R&S SMB100B microwave signal generator for analog...
TOKYO - Toshiba Corporation (TOKYO:6502) (Toshiba), as approved at its Board of Directors today, has decided to proceed with a financing transaction (the Financing) expected to close on December 5, 2017.
