TOKYO -- Toshiba's losses in its nuclear power business could exceed 500 billion yen ($4.4 billion), according to the latest estimates, forcing the beleaguered Japanese conglomerate to seek support from a government-backed lender.
The losses stem from a goodwill impairment on CB&I Stone & Webster, a U.S.-based nuclear plant builder acquired by Toshiba subsidiary Westinghouse Electric in late 2015. Stone & Webster saw domestic construction and labor costs swell beyond what had been expected at the time of the purchase.