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Toshiba President Satoshi Tsunakawa speaks at a press conference in Tokyo on March 29.

Toshiba says it can erase negative net worth in a year

Future of 140-year-old Japanese company rests in selling chip business

SHOTARO TANI, Nikkei staff writer | Japan

TOKYO -- Toshiba President Satoshi Tsunakawa said his embattled conglomerate has "more than a sufficient plan" to climb out of negative net worth next fiscal year.

"For sound, future management of the company, we want to make sure that we shut out the risk from the overseas nuclear business," Tsunakawa said on Wednesday after the conglomerate's American nuclear unit, Westinghouse Electric, filed for Chapter 11 bankruptcy protection earlier in the day.

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