TOKYO -- Toshiba shareholders approved the conglomerate's plans to spin off its chip business, an important step in the 140-year-old corporation's battle to find a path back to recovery.
The decision was reached on Thursday at an extraordinary general meeting of shareholders in Chiba. The meeting came a day after Toshiba announced that it will fall further into negative net worth in the current fiscal year, through Friday, after Westinghouse Electric, a nuclear subsidiary, filed for bankruptcy protection in the U.S.
