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Writedown Fears Wipe $5 Billion Off Toshiba's Value As It Weighs Options

Ron Burgundy

By Ron Burgundy,
in Tech News

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Ron Burgundy

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Pedestrians walk past a logo of Toshiba Corp outside an electronics retailer in TokyoBy Makiko Yamazaki TOKYO (Reuters) - A looming writedown at Japanese conglomerate Toshiba Corp has wiped almost $5 billion off its value in two days and prompted a credit rating downgrade on Wednesday, as the company grapples to plug a potential multi-billion dollar hole. Toshiba said late on Tuesday that cost overruns at a U.S. nuclear business it bought from Chicago Bridge & Iron last year, CB&I Stone & Webster, meant it could face 'several billion dollars' in charges, acknowledging a bruising overpayment. Toshiba shares, however, took an immediate hit on Wednesday, falling 20 percent to hit the Tokyo exchange's daily downward limit.




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