Toshiba to discuss restructuring steps on Monday

Toshiba to discuss restructuring steps on Monday

Toshiba Corp said on Monday it would discuss its restructuring measures and it may announce the impact on its business for this fiscal year ending March.

The Nikkei business daily reported over the weekend the company is expected to forecast a record net loss of more than 500 billion yen ($4.13 billion) for the fiscal year on restructuring costs.

The company said the report was not based on any official announcement but added that if the board decided on restructuring steps on Monday, it would likely incur a significant loss.

Toshiba shares were down about 9 percent at 257 yen on Monday, while the benchmark Nikkei index was down 1.3 percent.

Toshiba, whose businesses range from laptops to nuclear power, is in the throes of restructuring after revelations this year that it overstated earnings by $1.3 billion as far back as fiscal 2008.