Hearing Approaches: Toshiba and Corp

hearing approaches: The U.S. hearing is scheduled to take place July 14, where a decision could be handed down, according to The Japan Times. Cash-strapped Toshiba is rushing to sell the unit, Toshiba Memory Corp., to raise funds to eliminate its negative net worth and avoid being delisted from the Tokyo stock market. Western Digital Corp., Toshiba's chip production partner, opposes the sale and is seeking a preliminary injunction against it in a California court. Toshiba has chosen as its preferred bidder a consortium consisting of the Innovation Network Corp. of Japan and the Development Bank of Japan both backed by the government as well as U.S. fund Bain Capital and South Korean chipmaker SK Hynix Inc. But as the date of the hearing approaches, involved parties now want to await the result, the sources said. The consortium had been willing to sign a deal as soon as it was drawn up, with a clause saying the sale would be renegotiated if Western Digital's injunction were to be granted. (news.financializer.com). As reported in the news.