The iconic Japanese company is seeking another one-month extension, citing ongoing investigations at its U. S. nuclear unit.
The struggling Japanese conglomerate asked to extend the deadline to April 11, saying on Tuesday that it needs more time to investigate ongoing troubles at its U. S. nuclear business.
Toshiba ( TOSBF ) had already received a four-week extension following a manic earnings release last month, when the company reported a $6.3 billion writedown at its U. S. nuclear business, stemming from its 2015 acquisition of nuclear construction business CB&I Stone and Webster.
The acquisition was supposed to help the company’s U. S. subsidiary Westinghouse complete nuclear reactor projects in Georgia and South Carolina. But the U. S. projects are running way over budget and behind schedule.
Now, Toshiba says Westinghouse senior managers exerted “inappropriate pressures” to push through the takeover. It is also investigating concerns about the accounting process at the U. S. nuclear division.
