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Toshiba Corp will miss its second deadline to report third-quarter earnings,

Toshiba misses earnings deadline again, faces delisting risk, Straits Times, 14 Mar 17, TOKYO (BLOOMBERG) – Toshiba Corp will miss its second deadline to report third-quarter earnings, delivering another blow to investor confidence and moving a step closer to being delisted from the Tokyo Stock Exchange.

The company applied for an extension until April 11 with authorities, citing the need for more time to complete an auditor review of the results for the period ended Dec 31, it said in a statement on Tuesday (March 14). If the application is rejected, the company has an eight-day period until March 27 to submit earnings to the TSE or face delisting.

Toshiba shares fell as much as 5.1 per cent during morning trading…….

Even if Toshiba clears these hurdles, there is a longer-term threat to stakeholders. The nuclear business writedown has pushed Toshiba’s liabilities beyond its level of assets. If the company can’t reverse the situation by the end of the fiscal year in March, it could face demotion to the second section of the Tokyo Stock Exchange. In turn, that would force an automatic selloff by some index funds……..http://www.straitstimes.com/business/companies-markets/toshiba-asks-again-to-extend-deadline-for-q3-earnings-filing

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March 15, 2017 - Posted by | business and costs, Japan

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