TOKYO -- The first round of competitive bidding for Toshiba's memory chip business closed Wednesday, attracting 10 or so possible buyers.
The embattled Japanese conglomerate, sinking deeper into negative net worth after U.S. nuclear unit Westinghouse Electric filed for bankruptcy protection Wednesday, needs to raise money by selling a stake in the profitable chip business, which is to be spun off April 1. The urgency of fetching a high price for the stake has only intensified because of the filing.
