TOKYO (Reuters) - Toshiba Corp <6502.T> has told Western Digital Corp not to interfere in the sale of its prized chip unit, rejecting claims it has breached a joint venture contract and threatening legal action.
Toshiba grapples with billions of dollars in losses from its Westinghouse Electric nuclear business
Toshiba is expected to negotiate with individual candidates this month
Toshiba and PwC officials could not be reached for comment in Tokyo outside business hours
This would happen despite its partner, Westinghouse, filing for bankruptcy
(Reuters) - Westinghouse Electric Co LLC, the nuclear power plant developer owned by Japanese electronics company Toshiba Corp <6502.T>, is taking offers for a financing package to help it go through U.S. bankruptcy, people familiar with the matter said on Monday.
A Japanese state-backed fund, INCJ, may invest in its memory chip business as minority partner
Toshiba will meet with creditor banks later on Wednesday to explain the situation
Westinghouse would only provide reactors for the six AP1000 units
Toshiba is the second-biggest NAND chip producer after Samsung Electronics Co Ltd
The news shot up the price of Toshiba shares at the Tokyo Stock Exchange
Company has not decided on the size of the stake to be sold
A botched nuclear bet has pushed the company to near financial ruin
Toshiba has struggled to make money in nuclear power since it bought Westinghouse
Foxconn is among the companies and funds that were bidding for the smaller stake, says sources
This, after Toshiba took $6.3 billion hit on US nuclear unit
The company also announced that Chairman Shigenori Shiga would step down
Toshiba warned of a potential multi-billion dollar nuclear writedown in December
The loss is largely due to a goodwill impairment of around 600-bn yen on the US nuclear unit
Marking a retreat as it wrestles with an imminent multi-billion dollar writedown