Toshiba Corp. (OTCMKTS: TOSYY) is desperately in need of funds - and it's running out of time.
To fix the problem, Toshiba is trying to strike a deal with a group led by the Japanese government to sell its memory chip division - its "crown jewel."
But Western Digital Corp. (Nasdaq: WDC), which has a 49% stake in Toshiba's chip unit, really doesn't want that sale to happen. It's taking action. On Tuesday, Western Digital resubmitted its own bid for the chip division in partnership with private equity firm KKR & Co. LP (NYSE: KKR).
No deal has yet been made, so today Toshiba heads into its shareholders' meeting with a dark cloud over its head. Still reeling from a 2015 accounting scandal, cash-strapped, and now kicked off the first tier of the Tokyo Stock Exchange, Toshiba management will have a lot of explaining to do.
Money Morning Director of Technology & Venture Capital Research Michael Robinson joined CNBC's The Rundown to tell investors what they need to know about the future of Toshiba. Find out why he said Toshiba's plan "smacks of desperation" - and just how little time they might have left...
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