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| Economy |
| Toshiba's survival in doubt amid Westinghouse troubles |
| 2017-04-18 |
| [Wash Times] TOKYO (AP) - Toshiba Corp., whose U.S. nuclear unit Westinghouse Electric Co. has filed for bankruptcy protection, raised doubts Tuesday about its ability to survive as a company. In an unaudited financial report, Toshiba projected a 1.01 trillion yen ($9.2 billion) loss for the fiscal year that ended in March, a figure that ballooned from the 390 billion yen loss forecast in February because of the troubles at Westinghouse . Four nuclear reactors Westinghouse is helping to build in South Carolina and Georgia are behind schedule and billions of dollars over budget. Toshiba said its recent financial losses have reduced its assets, resulting in downgrades by credit rating agencies and a breach in the terms of some loans. In addition, the Tokyo company said it counts on a special construction business license from the Japanese government and warned that a renewal after this year depends on meeting certain financial criteria. Thus, Toshiba said, "there are material events and conditions that raise the substantial doubt about the Company’s ability to continue as a going concern ." |
| Posted by:Besoeker |
| #6 "there are material events and conditions that raise the substantial doubt about the Company’s ability to continue as a going concern ." Accountant speak for 'We're toast!' |
| Posted by: Raj 2017-04-18 17:31 |
| #5 I'm still boycotting Toshiba after they sold US sub secrets to the Soviets. |
| Posted by: rjschwarz 2017-04-18 14:34 |
| #4 contractual and federal regulations require that I not discuss it. C'mon ptah, how you gonna make your fame and fortune from Soros funded proggies and the Russians with that kind of attitude? ;^) |
| Posted by: AlanC 2017-04-18 14:30 |
| #3 Correction: there ARE two units in South Carolina, but they were in the planning stages with no ground broken. The units having issues in Georgia are Vogtle 3 and 4 |
| Posted by: ptah 2017-04-18 13:04 |
| #2 The regulation aspect had been resolved, and was one of the factors that *encouraged* the building of these units in Georgia (not South Carolina): the Licensing process was changed to guarantee that if you are preapproved for a license to operate it before you build it, AND you build it according to specifications, you can operate it. My job allows me to know the exact reason for the problems at the site in question, but contractual and federal regulations require that I not discuss it. |
| Posted by: ptah 2017-04-18 12:58 |
| #1 We have been building nuclear reactors for 70 years. It shouldn't be a high risk activity. I assume the problem is constantly changing regulations. |
| Posted by: phil_b 2017-04-18 03:54 |