Toshiba approves bankruptcy for US atomic unit: report

Toshiba approves bankruptcy for US atomic unit: reportToshiba has approved a plan to place its US nuclear unit in bankruptcy protection, a report said Wednesday, as the troubled division wrestles with multi-billion-losses and accounting fraud claims. Japan’s Nikkei business daily said Toshiba’s board gave Westinghouse Electric the green light to make a Chapter 11 filing in a US court, which temporarily shelters struggling firms as they try to restructure their affairs and outstanding debts. Toshiba, a pillar of corporate Japan and one of its best-known brands overseas, declined to comment on the report.



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