Money-losing Toshiba Corp. said Wednesday that it has chosen a U.S.-Japan consortium as the preferred bidder in the sale of its lucrative memory chip business, but hurdles remain as an American joint-venture partner is opposing the move. Toshiba sorely needs the sale, with its U.S. nuclear unit Westinghouse Electric Co. racking up massive red ink and filing for bankruptcy protection. But Western Digital of the U.S., which has acquired some SanDisk chip operations, including a joint venture with Toshiba in Japan, reiterated its opposition to such a move. It said in a statement that Toshiba "has no right" to transfer the joint venture without its consent. "The whole point of this is to help Japan retain control of the semiconductor operations and business of Toshiba," Thong said.

Source: ABC News June 21, 2017 07:17 UTC