TOKYO -- Toshiba shareholders, at an extraordinary meeting on Tuesday, approved the company's proposed sale of its flash memory subsidiary, Toshiba Memory, to a consortium led by Bain Capital for 2 trillion yen ($17.5 billion).
The deal is aimed at cutting massive debts at the Japanese conglomerate brought on by losses at its U.S. nuclear business. As of July 31, Toshiba's shareholder equity stood at minus 552 billion yen.
