Toshiba's Westinghouse unit needs to decide by the end of the month whether to file for Chapter 11 bankruptcy so the Japanese conglomerate can compile audited third-quarter earnings without further delays, Japan's Finance Minister said on Friday.
Toshiba has a March 14 deadline to publish the earnings after postponing their release a month ago so that it could probe potential problems at Westinghouse further. If it misses that date, it has eight working days to March 27 to file the report or face a possible delisting from the Tokyo bourse.
"On the U.S. side, they have to decide about (whether to file for) Chapter 11 quickly and until they do that, it seems it is difficult for them to file their earnings," Finance Minister Taro Aso told a regular post-cabinet briefing on Friday.
People familiar with the matter have told Reuters that Westinghouse, which has been hit by huge cost overruns at two U.S. projects, had brought in law firm Weil Gotshal & Manges as an exploratory step, but had not yet taken a decision on a bankruptcy filing.