Toshiba to proceed with sale

According to plan: Kurumatani at a media round table in Tokyo. Toshibais sticking with its plans to sell its memory chip unit despite regulatory hurdles. — Bloomberg

TOKYO: Toshiba Corp is sticking with its plans to sell its memory chip unit despite regulatory hurdles, said Nobuaki Kurumatani, who took over as the chief executive officer and chairman of the Japanese electronics maker this month.

It would take “substantial material” changes for the company to invoke its right to terminate its sale agreement with a group led by Bain Capital, Kurumatani, a former banker from one of Toshiba’s main creditors, said at a round table with journalists in Tokyo yesterday. The company doesn’t see its contractual right to scrap the deal as a “pure option”, he said.