Notice on Decision to Discontinue Corporate Rehabilitation Proceedings of Toshiba Samsung Storage Technology Korea

Toshiba Corporation announced that the Seoul Central District Court of Korea has just determined to discontinue the corporate rehabilitation proceedings of Toshiba Samsung Storage Technology Korea Co., Ltd. (TSST-K), a non-consolidated subsidiary of Toshiba and engaged in the optical disc drive business.

Further details are as follows:

1. Decision by the court
As Toshiba announced on June 17, 2016 in ‘Notice on Start of Corporate Rehabilitation of Toshiba Samsung Storage Technology Korea Corporation,’ the Seoul Central District Court of Korea had decided to commence the corporate rehabilitation proceeding for TSST-K, which is 50.1% owned by Toshiba Samsung Storage Technology Corporation (TSST), a Toshiba subsidiary, upon petition by TSST-K. The court has just issued a decision to discontinue the proceedings, based on its finding that TSST-K’s liquidation value exceeds going-concern value. The decision will become effective and the current rehabilitation proceeding under the control of the court will be terminated if there is no appeal to the decision within 14 days from the decision (i.e., by October 11, 2016).

2. Future Outlook
Toshiba will act appropriately following the decision, and will make any required disclosure in a timely manner.

3. Impact on Toshiba’s performance
This decision will have no impact on Toshiba’s consolidated business result for FY2016, ending March 31, 2017.

Read also:
Toshiba Samsung Storage Technology Korea Received Approval to Start Corporate Rehabilitation Proceedings
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Toshiba Samsung Storage Technology Korea: Notice of Start of Proceedings on Corporate Rehabilitation
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