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Japan’s Government Has No Plans to Come Save Toshiba

JAPAN-TOSHIBA-COMPANY-EARNINGSJAPAN-TOSHIBA-COMPANY-EARNINGS
Toshiba President Satoshi Tsunakawa answers questions during a press conference at the company's headquarters in Tokyo on March 14, 2017.KAZUHIRO NOGI/AFP/Getty Images

The Japanese government is not considering steps to support embattled conglomerate Toshiba (TOSBF), Chief Cabinet Secretary Yoshihide Suga said on Friday.

Toshiba this week missed submitting audited third-quarter earnings for a second time and said it would consider selling a majority stake in the Westinghouse nuclear unit at the center of its financial troubles.

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Sources have told Reuters that a fund backed by the government may invest as a minority stakeholder in Toshiba‘s memory chip business, which the company is looking to sell to raise cash.