Equities

Reuters reveals Toshiba’s Westinghouse calls in U.S. bankruptcy lawyers; shares drop

Reuters reveals Toshiba’s Westinghouse calls in U.S. bankruptcy lawyers; shares drop

Shares of Toshiba dropped as much as 4 percent after Reuters was first to report that its U.S. nuclear power plant development subsidiary Westinghouse Electric brought in bankruptcy attorneys from law firm Weil Gotshal & Manges. The move comes after a $6.3 billion writedown at Westinghouse last month wiped out Toshiba’s shareholder equity and caused it to seek divestments to create a buffer for any fresh financial problems.