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Toshiba CEO says chips stake sale will likely avert negative shareholder equity

Reuters

TOKYO (Reuters) - Toshiba Corp's CEO said on Wednesday that offers received so far for a stake in its NAND flash memory business are high enough for the Japanese company to avoid falling into negative shareholder equity.

"We expect the chip unit valuation will be at least 2 trillion yen ($18 billion), Satoshi Tsunakawa said at a news briefing in Tokyo after the company's U.S. Westinghouse nuclear unit filed for Chapter 11 protection from creditors.

Tsunakawa will seek approval for the sale of more than half the business at a gathering of shareholders in Tokyo on Thursday.

($1 = 110.9600 yen)

(Reporting by Makiko Yamazaki; Writing by Tim Kelly; Editing by Edwina Gibbs)